Top 10 Banks in the World 2017

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2. China Construction Bank

China Construction Bank Corp was founded in the year 1954, by the government of China, so as to create a bank that would be able to fund the various construction and infrastructure projects being undertaken by it.

Image: Wikimedia

The bank was originally named the People's Construction Bank of China, and has its headquarters in Beijing, China. The China Construction Bank largely served the very same purpose right up until 1979, and this year however saw the bank start taking deposits and also lending to customers, and hence became a State-owned Special bank in the process.

The next decade witnessed the firm taking some firm steps towards modernization, with the establishment of the currency exchange division as well as starting up its international financing operations in 1986, while in 1989 the bank introduced its first credit card to its customers.

The 1990s saw the firm focusing on its expansion plans. The bank became a completely full-fledged commercial bank in 1994, and changed its name from “People's Construction Bank of China” to China Construction Bank Corp. The China Cinda Asset Management Corporation was created in the year 1999, which was meant to be a state owned bad bank so that China Construction Bank could safely dispose of its NPAs. The firm was officially reincorporated as a shareholding bank in 2004, with companies such as China Jianyin Investment Limited, Shanghai Bao Steel Co. etc purchasing shares in China Construction Bank. Bank of America also invested $3 billion in acquiring 8.7% stock of China Construction Bank.

The bank finally went public in 2005 in what would turn out to be the largest IPO of China, and also acquired Bank of America’s Asian wing in 2006. At present, the firm employs as many as 2,75,000 employees and has over 14000 branches. The major subsidiaries of the bank are Jian Sing Bank Limited and CCB Principal Asset Management Co. Ltd. The current Chairman and Executive Director of the bank is Mr. Hongzhang Wang.

Revenue (in Billion of USD): 81.18

Net Profit (in Billion of USD): 33.7

Assets (in Billion of USD): 2854.6

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