TOP-5 Best Banks in China

Although China is considered a developing country, this nation is one of the most industrially advanced. It also has the second-largest economy in the world. This makes the Chinese banking sector one of the biggest in the world and the largest within Asia. Even though the country’s governing system is dissimilar to what is obtained within the west, the Chinese banking sector has increasingly shifted to a more conventional system. Most Chinese banks have become commercial banks that operate as commercial entities. Nonetheless, the Chinese Government still has a significant level of control over the banking sector within the country.

In no particular order, here are the best 5 banks in China.

China Construction Bank

The China Construction Bank was founded in 1954. The bank was initially referred to as the People’s Construction Bank of China. In 1996, its present name was adopted. In general, the China Construction Bank offers corporate banking services to corporate clients that are mostly involved with constructions of different types. The bank specifically gives trade financing, credit loans, international financing options, corporate deposit, and much more to its clients. In addition, the bank provides modern banking services such as mobile, online, and different forms of electronic banking services.

Industrial and Commercial Bank of China

The Industrial and Commercial Bank of China began operating in 1984. Since then, the bank has grown to amass a total asset of over $4 trillion, which is the largest amount for an international banking institution. In addition, it has a large customer base of over 200 million clients. In particular, the bank has about 4 million corporate clients. With over 15,000 offices of different sizes, the bank employs almost 500,000 workers.

Agricultural Bank of China

Agricultural Bank of China is the bank that completely changed the banking landscape within the country. As the first bank to operate as a commercial financial institution, it began operations in 1951. After the financial reform in 1979, the Agricultural Bank of China became the first Chinese specialist bank. Also, the bank is predominately involved in supporting the rural economy within the country. Nonetheless, the bank provides banking services to both urban and rural clients.

Bank of Communications

The Bank of Communications is one of the first banks to begin operating in China. It was opened in 1908 as the entity that offered banknotes within the country. Apart from the traditional banking services, the Bank of Communications provides financial leasing, insurance services, trusts, securities, and fund management. Additionally, the bank provides its client with offshore banking services. Although the bank has thousands of branches within China, it also has a couple of international branches within Asia and elsewhere.

Bank of China

The Bank of China began operating in 1912. Since its creation, the bank has operated as the apex bank of the country by providing foreign exchange services to the people of the country. However, the role of the bank changed soon after the country attained full control of its affairs. By 1994, the Bank of China became a complete commercial bank.

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