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Reorganization Plan of BOC Group to Take Effect
The reorganization of the Bank of China (BOC) Group, which has attracted the close attention of people both at home and abroad, has had its specific scheme taken shape. Liu Mingkang, president of BOC, disclosed Dec. 14 that the reorganization scheme had been approved by the People's Bank of China (the central bank) and been sent to the Hong Kong Monetary Authority for examination, upon approval, it will be formally put into effect.
At the "2000 China Commercial Conference" on December 14, Liu revealed the concrete plan for BOC reorganization as follows: setting up a registered group company in Hong Kong by merging the equities of the Hong Kong branch of the BOC under the BOC Group, its seven banks registered in China's inland and operating in Hong Kong, Posang Bank and Hua Chiao Commercial Bank registered in Hong Kong and the equities of Nanyang Commercial Bank and Chiyu Banking Co. It's estimated that the gross assets of the reorganized BOC will reach HK$745.5 billion, thus making it the second largest bank in Hong Kong following the Hong Kong and Shanghai Banking Co.
Liu noted that the reorganization of the Hong Kong BOC Group is required by economic development and market competition. Through the reorganization, the BOC's property right in Hong Kong will become more distinct and the structure more simplified, thereby contributing to boosting BOC's reform in line with the corporate system and enhancing its competitiveness. The BOC, after being reorganized, will be directly supervised by the Hong Kong financial management department and it will also increase its information revelation and management transparency, thereby continuing to serve Hong Kong's economic development.
Hong Kong-based Bank of China Group embraces 12 banks and over 17,000 staff members. With its favorable condition of being based in Hong Kong and being familiar with the situation in China's inland, for many years, the group has played the role as a bridge in serving and promoting Hong Kong's economic development, driving the economic cooperation between the inland and Hong Kong, and has thus become an indispensable part of Hong Kong's economy and finance.
By PD Online staff member Deng Gang
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