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Bank Of China: Chinese Central Bank

902 words - 4 pages

Bank of China (BOC) was established in February 1912. From 1912 to 1949, the Bank served consecutively as Chinese central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China's financial services sector, the Bank rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community. In 1994, the Bank was transformed into a wholly state-owned commercial bank. In August 2004, Bank of China Limited was incorporated. The Bank was listed on the Hong Kong Stock Exchange and Shanghai Stock Exchange in June and July 2006 respectively, becoming the first Chinese commercial bank to launch an A-Share and H-Share initial public offering and achieve a dual listing in both markets. As BOC getting success and large market share in China, they are also expanding their market to overseas. This report is a plan for BOC to expand their business in Australian market. In addition, this paper is going to design marketing strategies for BOC through analysis the vision and mission of the organisation, the environmental (pest) of BOC, the competitors, customers, the swot analysis, goals and objectives of BOC, broad and specific goals of BOC, target market of BOC, marketing mix strategies of the company, execution and implementation of the plan, and some major limitations of the report.

2.0 The vision and mission of the organisation
Bank of China was formally established in February 1912. From 1912 to 1949, the Bank served consecutively as Chinese central bank, international exchange bank and specialised international trade bank. Fulfilling its commitment to serving the public and developing China's financial services sector, BOC rose to a leading position in the Chinese financial industry and developed a good standing in the international financial community. After 1949, BOC became responsible for managing China's foreign exchange operations and provided support to the nation’s foreign trade development and economic infrastructure by offering international trade settlement, overseas fund transfer and other non-trade foreign exchange services. During China's reform and opening up period, BOC seized the unique opportunity, and became the country's key foreign financing channel by building up its competitive advantages in foreign exchange business. In 1994, the Bank was transformed into a wholly state-owned commercial bank. Later, In August 2004, Bank of China Limited was incorporated (Bank of China, 2008).
As China's most international and diversified bank, the Bank provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 37 countries. The bank's core business is commercial banking, including corporate banking, personal banking and financial markets services (Bank of China, 2008).
Bank of China has maintained the spirit of “pursuing excellence”...

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