Bank of China

RANK39

The Bank of China (BOC), established in 1912, is the country’s oldest bank and a flagship lender. Like its peers, the BOC increased its green finance initiatives last year as Beijing targeted peak emissions by 2030 and carbon neutrality by 2060. In April, the BOC announced it will invest $1.2 billion over five years in China’s National Green Development Fund to finance green projects along the Yangtze River. The BOC’s 2020 profits increased nearly 3% to approximately $30 billion, beating analyst estimates; its total assets are valued at almost $3.8 trillion. The BOC has more branches—1,100—across the Guangdong–Hong Kong–Macau Greater Bay Area (GBA) than any other Chinese bank. It’s now preparing its branches for the GBA Wealth Management Connect program, which will offer cross-border investment products for high-net-worth individuals. The program could generate $700 million annually in fee-based income for Hong Kong and Chinese banks, according to BOC estimates.