China Construction Bank Corporation (CCB) is one of the "big four" banks in China. In 2015, CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world.[3][4] The bank has approximately 13,629 domestic branches. In addition, it maintains overseas branches in London, Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Santiago de Chile, Brisbane, Sydney and Auckland. Its total assets reached CN 8.7 trillion in 2009,[5] and it is considered a systemically important bank by the Financial Stability Board. Its headquarters is in Xicheng District, Beijing.[6]
In January 2002, CCB chairman Wang Xuebing resigned from the bank after being charged with accepting bribes while he was employed with Bank of China; he was sentenced to 12 years in prison. In March 2005, his successor, Zhang Enzhao, resigned for "personal reasons". Just prior to his resignation, he had been charged in a lawsuit with accepting a US$1 million bribe. He was later sentenced to 15 years in jail in connection with the case.[8][9]
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China Construction Bank Corporation was formed as a joint-stock commercial bank in September 2004 as a result of a separation procedure undertaken by its predecessor, China Construction Bank, under the PRC Company Law. Following the China Banking Regulatory Committee's approval on 14 September 2004, the next day the bank (Jianyin) became a separate legal entity, owned by the Chinese government holding company, Central Huijin Investment Company or simply Huijin.
In 2005, Bank of America acquired a 9% stake in China Construction Bank for US$3 billion. It represented the company's largest foray into China's growing banking sector. Bank of America currently has offices in Hong Kong, Shanghai, and Guangzhou and sought to expand its Chinese business as a result of this deal.
The bank is a component of Hang Seng Index, SSE 180 Index and other indexes of Pan-Chinese and Pan-Asia stock exchanges, such as CSI 300 Index, Hang Seng China 50 Index, FTSE China A50 Index and S&P Asia 50.
CHINA CONSTRUCTION BANK CORPORATION is a commercial bank. The Bank operates its businesses through corporate banking businesses, including corporate deposit, corporate credit loan, asset custody, enterprise annuity, trade financing, international settlement, international financing and value-added services, among others, personal banking businesses, including personal deposit, loan, bank card services, private bank services, foreign exchange trading and gold trading services, among others, and capital business. The Bank operates its businesses in domestic and overseas markets.
The Bank provides customers with comprehensive financial services, including personal banking, corporate banking, investment and wealth management. With 14,510 banking outlets and 351,252 staff members, the Bank serves hundreds of millions of personal and corporate customers. The Bank has subsidiaries in various sectors, including fund management, financial leasing, trust, insurance, futures, pension and investment banking, and has nearly 200 overseas entities covering 31 countries and regions.
I live and work in China and I have a paypal account that is linked to my China Construction bank account. I know there are strict limits for foreigners living in China sending money abroad and I want to know how much I could send to a US bank account using PayPal? I've done small amounts before like $100 but I'd like to send $1800 now and wondered if that would work. Any help appreciated and thanks!
PS: I'm not sure if the currency change and the transfers both counts, but I've red online that if you want to do big transfers (like 10k) you need to have a proof of a work visa and pay sheets to prove you've earned this money legally (and also in order not to be taxed once more by your country once the money arrive in your US bank, like if it would have on your salary).
China Construction Bank is a leading large commercial bank in China, established in 1954, listed on both the SSE and the HKEX. At the end of 2022, China Construction Bank had a market capitalization of $158.541 billion. The group is ranked second among global banks in terms of Tier 1 capital. As of 2022, China Construction Bank had total assets of RMB34,601.9 billion. In 2022, it had total operating income of RMB822.5 billion, net profits of RMB323.2 billion and customer deposits of RMB25,020.8 billion. In 2022, China Construction Bank was ranked 24th on the Fortune 500 list.
About China Construction Bank
China Construction Bank, headquartered in Beijing, is a leading large-scale commercial bank in China. The Bank provides customers with comprehensive financial services, including corporate finance business, personal finance business and treasury and asset management business. With 14,356 banking outlets and 352,588 staff members, the Bank serves 739 million personal and 9.35 million corporate customers.
The Bank has subsidiaries in various sectors, including fund management, financial leasing, trust, insurance, futures, pension and investment banking, with 24,094 staff members, and has nearly 200 overseas entities covering 31 countries and regions.
China Construction Bank Corporation is one of the "big four" banks in the People's Republic of China. In 2015 CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world. The bank has approximately 13,629 domestic branches.
In analysing US insurer filings for their use of letters of credit (LOCs) specifically from one of the banks at the centre of the Vesttoo linked collateral fraud story, ALIRT Insurance Research found more than $1.3 billion of them, but said it is hard to tell how much of that is associated with Vesttoo, or potentially fraudulent.
The search for China Construction Bank (CCB) letters of credit (LOCs) was undertaken through end of year 2022 Schedule F filings for the US insurance market.
It shows a significant exposure to the bank for a number of players, some of which have already been reported as with specific links to Vesttoo facilitated collateralized reinsurance backed by CCB LOCs.
But, as we now know, there are said to be three banks that have alleged connections to fraudulent letters of credit (LOC) backing reinsurance deals facilitated by Vesttoo, Standard Chartered and Santander being two others, so the true market exposure seems likely to take much longer to deduce.
If you think you've used the wrong SWIFT code to send money, you should get in contact with your bank right away. They may be able to cancel the transaction. If it's too late to cancel, you might have to contact the recipient yourself and request that they return your money.
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China Construction Bank (Asia) Corporation Limited (CCB (Asia)) is the comprehensive and integrated commercial banking business platform of China Construction Bank Corporation in Hong Kong. Currently, CCB (Asia) has over 50 outlets in Hong Kong and offers a wide array of banking products and services to customers, including consumer banking services, commercial banking services, corporate banking services, private banking services, treasury business and cross-border financial services, etc.
He added that the bank will actively promote the platform and invite more industry peers to join. The current participants include state-owned banks, commercial banks, financial institutions, and trading companies.
China Construction Bank Corp. (CCB) is one of China's big four banks, and is also one of the 40 largest banks worldwide, with total assets of CNY 4.2 trillion ($522 billion) in 2005. The bank is also the first of China's large, state-owned banks to be publicly listed; CCB's initial public offering (IPO) on the Hong Kong stock exchange was China's largest ever, and is also the world's largest bank IPO since 1980. Once responsible for the distribution of government infrastructure and construction spending, CCB began transforming itself into a commercial bank during the 1980s. The bank offers a full range of banking services to the private and corporate sectors, backed by a network of more than 14,000 branches and 275,000 employees. CCB also operates branch offices in Hong Kong, Singapore, Frankfurt, Johannesburg, and Seoul, and offices in New York and London. Subsidiaries include Jian Sing Bank Limited, in Hong Kong, and CCB Principal Asset Management Co., Ltd., a joint venture formed in September 2005. The bank also offers e-banking facilities, and boasts more than 26 million e-banking customers.
China Construction Bank was established as the People's Construction Bank of China in 1954. The body's primary role was to act as a central clearinghouse for government funding of the country's major infrastructure and industrial construction projects carried out under successive five-year plans. CCB's mandate literally included every phase of construction spending, encompassing every industry. As such, the CCB quickly developed a national organization.
Based in Beijing, the bank built a network of branch offices throughout the country. Many of these offices focused on specific areas of construction. By the end of the country's first five-year plan, CCB had opened 88 branches in 16 provinces, major cities, and autonomous regions specifically for the funding of major construction projects. Other specialized branches were placed as part of the country's major industrial complexes. These included ten branches located in the country's steel factories, another eight serving its heavy machinery production complexes, and branches dedicated to the mining and agricultural industry, as well as branches specifically governing the country's railroad system. Later on, CCB continued to add new specialized branches, including offices governing such major industrial and infrastructure sites as Three Gorges and the Tsinghai-Tibet railroad. ff782bc1db
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