CITIC Bank

Summary

China CITIC Bank Corporation Limited provides various banking products and services in the People's Republic of China and internationally. The company operates through Corporate Banking, Personal Banking, and Treasury Operations segments. It accepts deposits; offers corporate and personal loans; and provides securities agency, remittance and settlement, and guarantee services, as well as investment banking and international services. The company also engages in capital markets operations and inter-bank operations, including inter-bank money market transactions, repurchase transactions, investments, and trading in debt instruments; derivatives and forex trading. In addition, it offers asset management, finance leasing, and other non-banking financial services.

The company serves corporations, government agencies, non-financial institutions; individual customers and micro and small enterprises. As of December 31, 2021, it operated 1,415 outlets, including 37 tier-one branches, 126 tier-two branches, and 1,252 sub-branches; 1,569 self-service banks; and 5,398 self-service terminals, as well as 9,078 smart teller machines. The company was founded in 1987 and is headquartered in Beijing, the People's Republic of China. China CITIC Bank Corporation Limited operates as a subsidiary of CITIC Corporation Limited.

History

In 1984, the chairman of the CITIC group at the time, Rong Yiren, requested that the Chinese government create a banking division under his company, in order to fully embody the needs for foreign exchange. This move was approved by the People's Bank of China, and a banking division was created under the CITIC group in April 1985. At this point, the bank was based on the original finance department, expanding its operations regarding external financing, foreign exchange transactions, loans, international settlement, finance leases and deposits. In April 1987, the bank was formally established as a separate legal entity, following approval from the People's Bank of China and the Chinese State Council.

China CITIC Bank's businesses flourished in the first decade of the 21st century. In July 2000, CITIC bank became the first bank in China to be certified by the China Financial Certificate Authority for online banking. In July 2002, the bank improved its international standing by ranking 291st on the "Top 1000 World Banks" list released by The Banker magazine of the United Kingdom, ranking within the top 300 for the first time. In November 2006, the bank welcomed its first major foreign investment, when BBVA, the second largest bank in Spain, became a major shareholder. This move established a cooperative relationship. On 27 April 2007, China CITIC Bank was listed on the Hong Kong and Shanghai stock exchanges.

In May 2017 the A share of the company was removed from the constituents of the SSE 50 Index; it remained in SSE 180 Index.

Mission

“We aspire to be the best integrated financial services provider, with the best international standards and capabilities.”

Vision

“Providing value-creating financial solutions, we define and exceed both the wealth management and international business objectives.”

References

https://en.wikipedia.org/wiki/China_CITIC_Bank_International

https://www.crunchbase.com/organization/china-citic-bank

https://sec.report/CIK/0001447014

https://finance.yahoo.com/quote/0998.HK/

https://www.comparably.com/companies/china-citic-bank

https://companiesmarketcap.com/largest-companies-by-revenue/