28 August 2012

Agricultural Bank of China (ABC) New York Branch Officially Opened

28 August 2012 – Agricultural Bank of China Limited (ABC) held a grand opening ceremony for New York Branch on 16 August 2012. The opening of New York Branch marked an important breakthrough in ABC's development of overseas business. It is also of great significance for ABC to penetrate the international market and improve the ability of providing customers with global financial services. 

The United States is one of the most important trade partners of China. The Sino-US bilateral economic and trade ties has been developing rapidly since the establishment of Sino-US diplomatic relations in 1979. The Sino-US bilateral trade volume of 2011 totaled USD 446.70 billion, 188 times of that of 1979. China and the US are reciprocally the second biggest trade partners at present. China is the third biggest export destination and the biggest import source of the US. The sustained development of the economic and trade ties and investment relationship laid a solid foundation for the cooperation between Chinese and American banks. Besides, it also generated pressing demands on Chinese banks to provide bilateral multinational customers with quality and effective extensive financial services. 

Mr. Jiang Chaoliang, President of ABC, stated that ABC would steadily promote overseas business and gradually improve the ability of balancing the development at home and abroad, in accordance with the general guidelines of "Based on the local market and integrating into the global market with a rational business network, steady operation but controllable risks". 

As a significant operational institution of ABC in America, New York Branch will make full use of the large network, adequate capital, numerous customers and product edges of ABC to provide both Chinese enterprises "going out" and local customers in New York. It will focus on wholesale banking, such as corporate deposits, syndicated loans, bilateral loans, trade finance, international settlement and USD clearing service. New York Branch will actively support economic and trade exchanges and commercial activities between China and the US, providing customers with good, effective and convenient financial services, so as to realize the reciprocal benefits and mutual developments of the Bank and customers. 

In recently years, by making good use of the internationalization of RMB, corporate customers and financial assets, ABC has continuously improved its overseas network, and steadily promoted the development of overseas business. At present, ABC has set up 11 overseas branches in 9 countries and regions, and established relationship of correspondent banks with 1,362 banks in 111 countries and regions. A financial service network has initially taken form, covering main international financial centers and trade and economic hubs. Its ability of providing cross-border extensive services and integrated management has been improved. 

In July 2010, ABC successfully went public both at the Shanghai Stock Exchange and the Stock Exchange of Hong Kong, creating a record with the largest financing for IPO at that time. It successfully completed this historical transformation from a state-owned bank to a public one. In 2012, ABC ranked 84th among the Fortune Global 500 by the American Fortune, 43 notches higher than that in 2011, and ranked 10th among the Top World 1000 Banks by The Banker. In 2012, ABC gained A1 for long-term rating or "Stable" for the prospect by Moody, and A for long-term subject rating or "Stable" for the prospect by Fitch. 

Source: ABC