ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is China's third-largest lender by assets. ABC went public in mid-2010, fetching the world's biggest ever initial public offering (IPO) at the time,[5] since overtaken by the Saudi Arabianstate-runpetroleum enterprise, Saudi Aramco.[6] In 2011, it ranked eighth among the Top 1000 World Banks,[7] by 2015, it ranked third in Forbes' 13th annual Global 2000 list[8] and in 2017 it ranked fifth.[9] It is considered a systemically important bank by the Financial Stability Board.
Since the establishment of the People's Republic of China in 1949, ABC has been formed and abolished several times. On July 10, 1951, two banks of the Republic of China, Farmers Bank of China and Cooperation Bank, merged to form the Agricultural Cooperation Bank, which ABC regards as its ancestor. However, the bank was merged into People's Bank of China, the central bank in 1952. The first bank bearing the name Agricultural Bank of China was founded in 1955, but it was merged into the central bank in 1957. In 1963 the Chinese government formed another agricultural bank which was also merged into the central bank two years later. Today's Agricultural Bank of China was founded in February 1979. As the People's Bank of China began spinning off its commercial banking functions after 1978, ABC's focus on providing farmers with financial services increased.[10]: 225
ABC was restructured to form a holding company called Agricultural Bank of China Limited.[11] It was listed on the Shanghai and Hong Kong stock exchanges in July 2010.[12]
During the 2013 Korean crisis, the Agricultural Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs.[16]
2010 initial public offeringEdit
ABC was the last of the "big four" banks in China to go public. In 2010, A shares and H shares of Agricultural Bank of China were listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively. Each share was set to cost between 2.7RMB and 3.3RMB per share.[17] H shares were set to cost between HK$2.88 and HK$3.48 per share.[18] The final share price for the IPO launch was issued on July 7, 2010. On completion in August 2010 it became the world's biggest initial public offering (IPO) surpassing the one set by Industrial and Commercial Bank of China in 2006 of US$21.9 billion.[19] This record has since been beaten by another Chinese company, Alibaba, in 2014.[20]
ABC raised US$19.21 billion in an IPO in Hong Kong and Shanghai on July 6, 2010, before overallotment options were exercised.[21] On August 13, 2010, ABC officially completed the world's largest initial public offering, raising a total of $22.1 billion after both Shanghai and Hong Kong's over-allotments were fully exercised.[22][23] The IPO was once thought to be able to raise US$30 billion, but weaker market sentiment dampened the value.[24] Despite a 15-month low for the Chinese benchmark index, the IPO was said to have gone smoothly.[25]
^ abcde"Annual Report 2018". Agricultural Bank of China Limited. 2019-04-26. from the original on 2019-05-31. Retrieved 2019-05-29.
^"Financial Statements for Agricultural Bank of China Ltd - Google Finance".
^"Agricultural Bank of China at Fortune's website".
^"Contact Us 2014-02-26 at the Wayback Machine." Agricultural Bank of China. Retrieved on February 27, 2014. "Address:No.69, Jianguomen Nei Avenue, Dongcheng District, Beijing, P.R.China,100005"
^AgBank to pay $248mln in IPO fees, lowest of Big 4 2012-03-10 at the Wayback Machine, July 15, 2010
^. avaloq.com. Archived from the original on 2012-06-08. Retrieved 2012-05-16.
^. avaloq.ch. Archived from the original on 2012-07-09. Retrieved 2012-05-16.
^"More Chinese banks stop transactions with N.Korea - Mubasher". English.mubasher.info. 2013-05-11. Archived from the original on 2017-10-12. Retrieved 2013-05-18.
^"AgBank Shanghai IPO price tipped at 2.7–3.3 yuan". Marketwatch.com. 2010-06-23. from the original on 2011-06-07. Retrieved 2010-08-16.
^"ABC sets H-share offer price range". Ifre.com. 2010-06-23. from the original on 27 July 2011. Retrieved 2010-08-16.
^"China's AgBank sets record as world's largest IPO: report". AFP. 14 August 2010. from the original on 18 August 2010. Retrieved 14 August 2010.
^"Alibaba IPO Biggest in History as Bankers Exercise 'Green Shoe' Option". The New York Times. 2013-09-18. from the original on 2017-02-21. Retrieved 2017-03-13.
^Grocer, Stephen (6 July 2010). "AgBank's IPO: Emerging Markets Continue to Dominate Developed World". The Wall Street Journal. from the original on 31 July 2010. Retrieved 14 August 2010.
^"AgBank Finally Takes IPO Crown". The Wall Street Journal. 13 August 2010. from the original on 31 May 2015. Retrieved 14 August 2010.
^"AgBank IPO officially the world's biggest". Financial Times. 13 August 2010. from the original on 17 August 2010. Retrieved 14 August 2010.
^Wines, Michael (6 July 2010). "China Bank I.P.O. Raises $19 Billion". The New York Times. from the original on 2 June 2013. Retrieved 14 August 2010.
^Jun, Lou (15 Aug 2010). "Agricultural Bank of China Sets IPO Record as Size Raised to $22.1 Billion". Bloomberg. from the original on 22 February 2017. Retrieved 5 March 2017.
^Lee, Yvonne (1 July 2010). "Small Investors Cool to AgBank IPO". The Wall Street Journal. from the original on 14 January 2018. Retrieved 3 August 2017.
External linksEdit
Media related to Agricultural Bank of China at Wikimedia Commons
Business data for Agricultural Bank of China:
Bloomberg
Google
Reuters
Yahoo!
September 20, 2023
agricultural, bank, china, also, known, agbank, four, banks, china, founded, july, 1951, headquarters, dongcheng, district, beijing, branches, throughout, mainland, china, hong, kong, london, tokyo, york, frankfurt, sydney, seoul, singapore, headquarters, beij. Agricultural Bank of China ABC also known as AgBank is one of the Big Four banks in China It was founded on 10 July 1951 and has its headquarters in Dongcheng District Beijing 4 It has branches throughout mainland China Hong Kong London Tokyo New York Frankfurt Sydney Seoul and Singapore Agricultural Bank of ChinaHeadquarters in Beijing ChinaNative name中国农业银行TypePublicTraded asSSE 601288 A ordinary SSE 360001 A preference 1 SSE 360008 A preference 2 SEHK 1288 H ordinary ISINCNE100000RJ0CNE100000Q43IndustryFinancial servicesFounded10 July 1951 72 years ago 1951 07 10 HeadquartersBeijing ChinaKey peopleZhao Huan President ProductsFinance and insurance consumer banking corporate banking investment banking investment management global wealth management private equity mortgages credit cardsRevenueCN 602 56 billion 153 9 billion 2020 1 2 Operating incomeCN 251 67 billion 36 6 billion 2018 1 Net incomeCN 202 63 billion 29 5 billion 2018 1 Total assetsCN 22 609 trillion 3 286 trillion 2018 1 Total equityCN 1 67 trillion 243 billion 2018 1 OwnerCentral Huijin 40 42 Ministry of Finance 39 21 National Social Security Fund 3 02 China Securities Finance 1 92 Number of employees467 631 2020 3 Chinese nameSimplified Chinese中国农业银行Traditional Chinese中國農業銀行TranscriptionsStandard MandarinHanyu PinyinZhōngguo Nongye YinhangAlternative Chinese nameSimplified Chinese农行Traditional Chinese農行TranscriptionsStandard MandarinHanyu PinyinNonghangWebsiteabchina comABC has 320 million retail customers 2 7 million corporate clients and nearly 24 000 branches It is China s third largest lender by assets ABC went public in mid 2010 fetching the world s biggest ever initial public offering IPO at the time 5 since overtaken by the Saudi Arabian state run petroleum enterprise Saudi Aramco 6 In 2011 it ranked eighth among the Top 1000 World Banks 7 by 2015 it ranked third in Forbes 13th annual Global 2000 list 8 and in 2017 it ranked fifth 9 It is considered a systemically important bank by the Financial Stability Board Contents 1 History 2 2010 initial public offering 3 See also 4 References 5 External linksHistory EditSince the establishment of the People s Republic of China in 1949 ABC has been formed and abolished several times On July 10 1951 two banks of the Republic of China Farmers Bank of China and Cooperation Bank merged to form the Agricultural Cooperation Bank which ABC regards as its ancestor However the bank was merged into People s Bank of China the central bank in 1952 The first bank bearing the name Agricultural Bank of China was founded in 1955 but it was merged into the central bank in 1957 In 1963 the Chinese government formed another agricultural bank which was also merged into the central bank two years later Today s Agricultural Bank of China was founded in February 1979 As the People s Bank of China began spinning off its commercial banking functions after 1978 ABC s focus on providing farmers with financial services increased 10 225 ABC was restructured to form a holding company called Agricultural Bank of China Limited 11 It was listed on the Shanghai and Hong Kong stock exchanges in July 2010 12 In April 2007 ABC was the victim of the largest bank theft in Chinese history This occurred when two vault managers at the Handan branch of the bank in Hebei province embezzled almost 51 million yuan US 7 5 million 13 In 2012 ABC started a project to migrate to the Avaloq Banking System 14 15 During the 2013 Korean crisis the Agricultural Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang s missile and nuclear programs 16 2010 initial public offering EditABC was the last of the big four banks in China to go public In 2010 A shares and H shares of Agricultural Bank of China were listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively Each share was set to cost between 2 7RMB and 3 3RMB per share 17 H shares were set to cost between HK 2 88 and HK 3 48 per share 18 The final share price for the IPO launch was issued on July 7 2010 On completion in August 2010 it became the world s biggest initial public offering IPO surpassing the one set by Industrial and Commercial Bank of China in 2006 of US 21 9 billion 19 This record has since been beaten by another Chinese company Alibaba in 2014 20 ABC raised US 19 21 billion in an IPO in Hong Kong and Shanghai on July 6 2010 before overallotment options were exercised 21 On August 13 2010 ABC officially completed the world s largest initial public offering raising a total of 22 1 billion after both Shanghai and Hong Kong s over allotments were fully exercised 22 23 The IPO was once thought to be able to raise US 30 billion but weaker market sentiment dampened the value 24 Despite a 15 month low for the Chinese benchmark index the IPO was said to have gone smoothly 25 CICC Goldman Sachs and Morgan Stanley led the Hong Kong offering with JPMorgan Macquarie Deutsche Bank and ABC s own securities unit also involved CICC CITIC Securities Galaxy and Guotai Junan Securities handled the Shanghai portion ABC sold about 40 of the Shanghai offering to 27 strategic investors including China Life Insurance and China State Construction They were subject to lock up periods of 12 18 months Eleven cornerstone investors were selected for its Hong Kong share offering including Qatar Investment Authority and Kuwait Investment Authority taking a combined 5 45 billion worth of shares 26 See also Edit nbsp Companies portal nbsp Banks portalAsset management in China Banking in China Policy banks List of banks in China List of companies of ChinaReferences Edit a b c d e Annual Report 2018 Agricultural Bank of China Limited 2019 04 26 Archived from the original on 2019 05 31 Retrieved 2019 05 29 Financial Statements for Agricultural Bank of China Ltd Google Finance Agricultural Bank of China at Fortune s website Contact Us Archived 2014 02 26 at the Wayback Machine Agricultural Bank of China Retrieved on February 27 2014 Address No 69 Jianguomen Nei Avenue Dongcheng District Beijing P R China 100005 AgBank to pay 248mln in IPO fees lowest of Big 4 Archived 2012 03 10 at the Wayback Machine July 15 2010 Turak Natasha 2019 12 11 Saudi Aramco shares surge 10 as historic IPO begins trading CNBC Retrieved 2020 08 25 Top 1000 World Banks 2011 The Banker The Banker Archived from the original on July 2 2011 Retrieved June 6 2011 Forbes 13th Annual Global 2000 The World s Biggest Public Companies 6 May 2015 Archived from the original on 12 May 2014 Retrieved 9 May 2014 The World s Largest Banks in 2017 The American Bull Market Strengthens Forbes Archived from the original on 2018 05 13 Retrieved 2018 05 12 Roach Stephen S 2022 Accidental Conflict America China and the Clash of False Narratives New Haven Yale University Press doi 10 12987 9780300269017 ISBN 978 0 300 26901 7 JSTOR j ctv2z0vv2v OCLC 1347023475 Agricultural Bank of China becomes shareholding company News xinhuanet com 2009 01 16 Archived from the original on 2018 12 31 Retrieved 2010 08 16 Agricultural Bank of China may offer shares to the public by 2010 Archived 2018 12 31 at the Wayback Machine The New York Times February 8 2008 Suspects of China s largest bank theft go on trial Archived 2018 12 31 at the Wayback Machine Lin Li Xinhua News Agency July 24 2007 Avaloq group wins first customer from China News Avaloq avaloq com Archived from the original on 2012 06 08 Retrieved 2012 05 16 Customers Avaloq avaloq ch Archived from the original on 2012 07 09 Retrieved 2012 05 16 More Chinese banks stop transactions with N Korea Mubasher English mubasher info 2013 05 11 Archived from the original on 2017 10 12 Retrieved 2013 05 18 AgBank Shanghai IPO price tipped at 2 7 3 3 yuan Marketwatch com 2010 06 23 Archived from the original on 2011 06 07 Retrieved 2010 08 16 ABC sets H share offer price range Ifre com 2010 06 23 Archived from the original on 27 July 2011 Retrieved 2010 08 16 China s AgBank sets record as world s largest IPO report AFP 14 August 2010 Archived from the original on 18 August 2010 Retrieved 14 August 2010 Alibaba IPO Biggest in History as Bankers Exercise Green Shoe Option The New York Times 2013 09 18 Archived from the original on 2017 02 21 Retrieved 2017 03 13 Grocer Stephen 6 July 2010 AgBank s IPO Emerging Markets Continue to Dominate Developed World The Wall Street Journal Archived from the original on 31 July 2010 Retrieved 14 August 2010 AgBank Finally Takes IPO Crown The Wall Street Journal 13 August 2010 Archived from the original on 31 May 2015 Retrieved 14 August 2010 AgBank IPO officially the world s biggest Financial Times 13 August 2010 Archived from the original on 17 August 2010 Retrieved 14 August 2010 Wines Michael 6 July 2010 China Bank I P O Raises 19 Billion The New York Times Archived from the original on 2 June 2013 Retrieved 14 August 2010 Jun Lou 15 Aug 2010 Agricultural Bank of China Sets IPO Record as Size Raised to 22 1 Billion Bloomberg Archived from the original on 22 February 2017 Retrieved 5 March 2017 Lee Yvonne 1 July 2010 Small Investors Cool to AgBank IPO The Wall Street Journal Archived from the original on 14 January 2018 Retrieved 3 August 2017 External links Edit nbsp Media related to Agricultural Bank of China at Wikimedia Commons Business data for Agricultural Bank of China BloombergGoogleReutersYahoo Retrieved from https en wikipedia org w index php title Agricultural Bank of China amp oldid 1168562674, wikipedia, wiki, book, books, library,
