Bank of Communications opens first African branch in Johannesburg
On November 20, Bank of Communications (Bocom) officially opened its first Branch in Africa. Based in Johannesburg, the largest economy in the Republic of South Africa, the Branch extends the international footprint of the bank.
The establishment of the Johannesburg Branch of Bocom is a milestone they have achieved to expand business opportunities in Africa. In recent years, China and South Africa have cooperated in finance, economy and trade, tourism and other fields, broadening the prospects, and the Johannesburg Branch strives to uphold the corporate mission of “creating shared value”, providing more comprehensive, convenient and high-quality financial services to customers of both countries as well as assisting enterprises of the two countries to achieve a win-win reality.
In the face of the new era and new requirements, Bocom has grasped China’s opening-up policy and market opportunities. By revolving around the deployment of Chinese enterprises to invest outward and involving closely with the “One Belt One Road” initiative, the bank promotes synergy value while improving the level of cross-border, cross-industry and cross-market financial services as to achieve a sustainable and high-quality development.
The opening of the Johannesburg Branch marks Bocom having established 23 overseas banking institutions in 18 countries and regions on 5 continents, with 69 overseas business outlets. By the end of September 2020, Bocom’s total assets of overseas banking institutions exceeded RMB 1.3 trillion, accounting for more than 12% of the total assets of the group.
Founded in 1908, Bocom is the bank with the longest history in modern China. It became the first nationwide state-owned joint-stock commercial bank in China after its reorganization in 1987 and it was listed on the Hong Kong and Shanghai Stock Exchange in 2005 and 2007, respectively. By the end of September 2020, Bocom’s total assets were RMB 10.8 trillion, and the net profit in the first three quarters of 2020 was RMB 52.712 billion.
Bocom has been listed in the Fortune 500 for 11 consecutive years, ranking 162nd in operating revenue; ranked 11th in The Banker’s Top 1000 World Banks in terms of Tier-1 capital, and ranked among the top 20 global banks for 6 consecutive years.