Agricultural Bank of China

Source: Wikipedia, the free encyclopedia.

Agricultural Bank of China
Nóngháng
Websiteabchina.com

Agricultural Bank of China (ABC), also known as AgBank, is one of the "

Dongcheng District, Beijing.[4] It has branches throughout mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore
.

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 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] In 2023, Agricultural Bank of China was ranked #4 in Forbes' Global 2000 (World's Largest Public Companies).[10] It is considered a systemically important bank by the Financial Stability Board.

History

Since the establishment of the People's Republic of China in 1949, ABC has been formed and abolished several times. On 10 July 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.[11]: 225 

ABC was restructured to form a holding company called Agricultural Bank of China Limited.[12] It was listed on the Shanghai and Hong Kong stock exchanges in July 2010.[13]

In April 2007, ABC was the victim of the

US$7.5 million).[14]

In 2012, ABC started a project to migrate to the Avaloq Banking System.[15][16]

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.[17]

In 2023, the asset management division of Agricultural Bank of China ABC WM together with BNP Paribas Asset Management launched an asset management joint venture. BNP Paribas ABC Wealth is majority owned by BNPP AM (51%), ABC Wealth Management holds 49%. Alexandre Werno became the CEO.[18]

2010 initial public offering

ABC was the last of the "

RMB and 3.3RMB per share.[19] H shares were set to cost between HK$2.88 and HK$3.48 per share.[20] The final share price for the IPO launch was issued on 7 July 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.[21] This record has since been beaten by another Chinese company, Alibaba, in 2014.[22]

ABC raised US$19.21 billion in an IPO in Hong Kong and Shanghai on 6 July 2010, before overallotment options were exercised.[23] On 13 August 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.[24][25] The IPO was once thought to be able to raise US$30 billion, but weaker market sentiment dampened the value.[26] Despite a 15-month low for the Chinese benchmark index, the IPO was said to have gone smoothly.[27]

shares.[28]

See also

References

  1. ^ a b c d e "Annual Report 2018". Agricultural Bank of China Limited. 26 April 2019. Archived from the original on 31 May 2019. Retrieved 29 May 2019.
  2. ^ "Financial Statements for Agricultural Bank of China Ltd - Google Finance".
  3. ^ "Agricultural Bank of China at Fortune's website".
  4. ^ "Contact Us Archived 2014-02-26 at the Wayback Machine." Agricultural Bank of China. Retrieved on 27 February 2014. "Address:No.69, Jianguomen Nei Avenue, Dongcheng District, Beijing, P.R.China,100005"
  5. ^ AgBank to pay $248mln in IPO fees, lowest of Big 4 Archived 10 March 2012 at the Wayback Machine, 15 July 2010
  6. ^ Turak, Natasha (11 December 2019). "Saudi Aramco shares surge 10% as historic IPO begins trading". CNBC. Retrieved 25 August 2020.
  7. ^ "Top 1000 World Banks 2011 - The Banker". The Banker. Archived from the original on 2 July 2011. Retrieved 6 June 2011.
  8. ^ "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.
  9. ^ "The World's Largest Banks in 2017: The American Bull Market Strengthens". Forbes. Archived from the original on 13 May 2018. Retrieved 12 May 2018.
  10. ^ "The Global 2000". Forbes. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  11. OCLC 1347023475
    .
  12. ^ "Agricultural Bank of China becomes shareholding company". News.xinhuanet.com. 16 January 2009. Archived from the original on 31 December 2018. Retrieved 16 August 2010.
  13. ^ Agricultural Bank of China may offer shares to the public by 2010 Archived 31 December 2018 at the Wayback Machine. The New York Times, 8 February 2008.
  14. ^ Suspects of China's largest bank theft go on trial Archived 31 December 2018 at the Wayback Machine, Lin Li, Xinhua News Agency, 24 July 2007
  15. ^ "Avaloq group wins first customer from China - News – Avaloq". avaloq.com. Archived from the original on 8 June 2012. Retrieved 16 May 2012.
  16. ^ "Customers – Avaloq". avaloq.ch. Archived from the original on 9 July 2012. Retrieved 16 May 2012.
  17. ^ "More Chinese banks stop transactions with N.Korea - Mubasher". English.mubasher.info. 11 May 2013. Archived from the original on 12 October 2017. Retrieved 18 May 2013.
  18. ^ "NP Paribas Asset Management partners with Agricultural Bank of China Group to form wealth management joint venture". BNP Paribas. Archived from the original on 29 January 2024. Retrieved 29 January 2024.
  19. ^ "AgBank Shanghai IPO price tipped at 2.7–3.3 yuan". Marketwatch.com. 23 June 2010. Archived from the original on 7 June 2011. Retrieved 16 August 2010.
  20. ^ "ABC sets H-share offer price range". Ifre.com. 23 June 2010. Archived from the original on 27 July 2011. Retrieved 16 August 2010.
  21. ^ "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.
  22. ^ "Alibaba IPO Biggest in History as Bankers Exercise 'Green Shoe' Option". The New York Times. 18 September 2013. Archived from the original on 21 February 2017. Retrieved 13 March 2017.
  23. ^ 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.
  24. ^ "AgBank Finally Takes IPO Crown". The Wall Street Journal. 13 August 2010. Archived from the original on 31 May 2015. Retrieved 14 August 2010.
  25. ^ "AgBank IPO officially the world's biggest". Financial Times. 13 August 2010. Archived from the original on 17 August 2010. Retrieved 14 August 2010.
  26. ^ 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.
  27. ^ Jun, Lou (15 August 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.
  28. ^ 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

  • Media related to Agricultural Bank of China at Wikimedia Commons
  • Business data for Agricultural Bank of China:
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