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Nanyang Commercial Bank (China), Limited Opens for Business


2007-12-24

Nanyang Commercial Bank (China), Limited (“NCB (China)”, http://www.ncbchina.cn) opens for business on 24 December 2007 with the approval of the China Banking Regulatory Commission (“CBRC”). As a wholly foreign-owned bank and solely owned by Bank of China (Hong Kong) Limited (“BOCHK”) through Nanyang Commercial Bank Limited (“NCB”), a wholly owned subsidiary of BOCHK, NCB (China) was incorporated in the Mainland of China on 14 December 2007 with the approval granted by the CBRC on 4 December. Headquartered in Shanghai, NCB (China) provides professional and quality products and services to customers with its network spanning Beijing, Shanghai, Guangzhou, Shenzhen, Haikou, Dalian and Shekou (Shenzhen).

Mr. He Guangbei, Vice Chairman and Chief Executive of BOCHK, also Chairman of both NCB and NCB (China), said: “We are very pleased that NCB (China) has started its business and come into full operation after efficient and meticulous preparation. This newly-established solely owned subsidiary of BOCHK Group will provide comprehensive and quality financial services to  local citizens and enterprises in the Mainland of China, as well as to individuals and corporate clients from Hong Kong and overseas for facilitating their development in the Mainland. With the support of the entire Group, we will allocate sufficient resources in the aspects of finance, manpower, technology and products for NCB (China) to expand its branch network, enhance customer services, broaden product range and promote its brand in the Mainland. ”

NCB (China) is an important integral part of the Group’s strategic plan in the implementation of a  dualistic approach in its China business model. According to the dualistic approach, NCB (China) will develop comprehensive banking businesses, including RMB retail banking services, with its local incorporation in China. At the same time, BOCHK and Chiyu Banking Corporation, another subsidiary of BOCHK, will maintain their foreign-funded bank status and continue with their existing operations in China with focuses on wholesale corporate banking and foreign exchange businesses.

Mr. He Guangbei pointed out that as one of the leading banks in Hong Kong with a history of 90 years, BOCHK itself takes the lead in the Hong Kong market in various retail and corporate banking businesses by capitalizing on its extensive client base and business network, diversified products and services, abundant experience and a solid capital base. Whilst NCB, being the first foreign bank to set up a branch in the Mainland since China carried out the reform and opening up policies in the early 1980s, enjoys a wealth of experience in conducting retail banking business. With the full support of the BOCHK Group, it is believed that NCB (China) can move forward in strides in the Mainland,  which will help the Group to build a stronger presence in China and will translate into higher value for

the Group’s customers and shareholders.

About Bank of China (Hong Kong) Limited

Bank of China (Hong Kong) Limited (“BOCHK”), established on 1 October 2001, is a leading listed commercial banking group in Hong Kong. With over 280 branches and 450 ATMs and other distribution channels in Hong Kong, BOCHK and its subsidiaries offer a comprehensive range of financial products and services to retail and corporate customers. BOCHK is one of the three note issuing banks in Hong Kong.  In addition, BOCHK and its subsidiaries have 14 branches and sub-branches in the Mainland of China to provide cross-border banking services to customers in Hong Kong and the Mainland. BOCHK is appointed by the People’s Bank of China as the Clearing Bank for Renminbi (RMB) business in Hong Kong.

BOC Hong Kong (Holdings) Limited, BOCHK's holding company, began trading on the main board of the Stock Exchange of Hong Kong on 25 July 2002, with stock code "2388", ADR OTC Symbol: "BHKLY".

About Nanyang Commercial Bank Limited

Nanyang Commercial Bank (“NCB”) was founded in Hong Kong on 14 December 1949. For over 58 years, the Bank has always striven to abide by the motto of “Customer-Oriented and Courteous Service” and uphold the principle of “Reputation and Quality Service Come First”. While establishing a strong foothold in Hong Kong with the backing up of the Motherland, the Bank has taken on the mission to look globally and serve customers around the world.  As a Hong Kong licensed bank with sizable operation and solid financial strength, NCB has 41 branches and a number of investment service centres and commercial banking centres.  The Bank’s branch network is also extended to San Francisco in the United States. In 1982, NCB set up a branch in the Shenzhen Special Economic Zone, which is the first foreign bank branch in the Mainland of China after the foundation of the People’s Republic of China. On 14 December 2007, Nanyang Commercial Bank (China), Limited was established to further expand the Bank’s development in the Mainland.

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