Bank of Communications opening West Coast branch in San Francisco
Mayor Lee announces Bank of Communications opening West Coast Branch in San Francisco
San Francisco, CA— Mayor Edwin M. Lee today announced that the Bank of Communications (SEHK: 3328; SSE: 601328) is opening its U.S. West Coast Branch in San Francisco. ChinaSF began its relationship with the Bank of Communications (BoComm) in 2008, and has worked continuously to support the opening of the San Francisco presence. This is the most notable achievement of ChinaSF to date, as it establishes a significant financial relationship between China and San Francisco.
“The Bank of Communications is a game-changing addition to San Francisco’s financial industry,” said Mayor Lee. “Their presence resolutely affirms that San Francisco is the premiere gateway for trade between China and San Francisco. We enthusiastically welcome the Bank of Communications and look forward to a strong partnership in growing our local and regional economy.”
“San Francisco was a natural choice for the Bank of Communications,” said Bank of Communications San Francisco Branch proposed General Manager Shaohui Yang. “As the West Coast capital of finance, San Francisco is the ideal location to support the investment of Chinese businesses into the U.S. while supporting U.S. businesses accessing China’s markets. We thank Mayor Lee and his team at ChinaSF for all of their support.”
The Bank of Communications, headquartered in Shanghai, is the fifth largest bank in China and is the first Chinese bank to receive Federal Reserve approval after the financial crisis. BoComm’s San Francisco branch will occupy a signature space in San Francisco’s Financial District at 575 Market Street, beginning with 14 staff and expectations to grow in time. The Bank of Communications, San Francisco branch, will celebrate their grand opening in mid-November.
“Four years ago, the City brought together the public and private sector to launch ChinaSF which has been dedicated to bringing jobs and investment to San Francisco by capitalizing on China’s rising economic strength,” said Assessor-Recorder & amp; ChinaSF Board Chair Phil Ting. “Through these efforts, San Francisco is quickly becoming the location of choice for Chinese firms looking for a North American presence – driving much needed job growth and economic activity.”
“This is one of the most exciting accomplishments for ChinaSF,” said ChinaSF Executive Director Ginny Fang. “Not only does the Bank of Communications bring jobs to San Francisco, but, in close partnership with ChinaSF, they will continue to bring more Chinese investment and business to our great city, state, and country. We heartily congratulate the Bank of Communications on this achievement.”
About Bank of Communications
Founded in 1908, Bank of Communications Co., Ltd. (the “Bank”) is one of the oldest banks in China as well as one of the note-issuing banks in modern China. The Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the Shanghai Stock Exchange in May 2007.The Bank currently has 128 domestic branches (including Head Office), comprising 30 provincial branches,7 branches directly managed by Head Office and 90 provincial branches. It has also established 2,643 operating locations in more than 220 cities nationwide. The Bank has also set up 11 overseas institutions, comprising of branches in Hong Kong, New York, Tokyo, Singapore, Seoul, Frankfurt, Macau and Ho Chi Minh City and representative offices in London, Sydney and Taipei. According to the “Top 1000 World Banks 2011” published by the British magazine “The Banker”, the Bank was ranked number 35 based on its Tier 1 capital such that it was ranked among the top 50 banks worldwide for the third consecutive year. In addition, it was also among Fortune global 500 in 2011 in terms of annual sale revenue with its ranking of number 398. The Bank is one of the major financial services providers in China. The Bank’s business scope includes commercial banking, securities services, trust services, financial leasing, fund management, insurance and offshore financial services. Its wholly-owned subsidiaries include BOCOM International Holdings Company Limited, China BOCOM Insurance Co., Ltd and Bank of Communications Finance Leasing CO., Ltd. Subsidiaries controlled by the Bank include Bank of Communications Schroder Fund Management Co.,Ltd, Bank of Communications International Trust Co., Ltd, BoCommLife Insurance Company Limited, Dayi Bocom Xingmin Rural Bank Co., Ltd and Zhejiang Anji BOCOM Rural Bank Co., Ltd. In addition, the Bank is also the largest shareholder of Jiangsu Changshu Rural Commercial Bank Co., Ltd. The Bank’s development strategy is to become “a first class listed universal banking group focusing on international expansion and specializing in wealth management.
With offices in Beijing, Shanghai and San Francisco, ChinaSF is a public-private initiative of the San Francisco Center for Economic Development (SFCED), in close partnership with the City of San Francisco’s Office of Economic and Workforce Development (OEWD), supported by funding from private sector partners. Its goal is to attract and retain Chinese investment and business expansion into San Francisco and the Bay Area, and to also support San Francisco Bay Area businesses in their business efforts in China.
Between 2008 and 2011, amidst one of the worst financial crises in history, ChinaSF successfully facilitated the expansion of 13 companies to San Francisco, and helped over a dozen Bay Area-based companies make important business connections in China. In addition to the financial investment into the Bay Area, ChinaSF’s efforts have directly created over 130 jobs for the Bay Area not counting any resulting multiplier effects and benefits. For more information, go to: www.chinasf.org.