The predecessor of the Bank was Agricultural Cooperative Bank established in 1951. Since the late 1970s, the Bank has evolved from a state-owned specialized bank to a wholly state-owned commercial bank and subsequently a state-controlled commercial bank. The Bank was restructured into a joint stock limited liability company in January 2009. In July 2010, the Bank was listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
As one of the major integrated financial service providers in China, the Bank is committed to building an international first-class commercial banking group with featured operations, efficient and convenient services, diversified functions, as well as demonstrated value-creation capability. Capitalizing on its comprehensive business portfolio, extensive distribution network and advanced IT platform, the Bank provides a diverse portfolio of corporate and retail banking products and services for a broad range of customers, and conducts treasury operations and asset management. Our business scope also includes, among other things, investment banking, fund management, financial leasing and life insurance.At the end of 2017, the Bank had total assets of RMB21,053,382 million, loans and advances to customers of RMB10,720,611 million and deposits from customers of RMB16,194,279 million. Our capital adequacy ratio was 13.74%. The Bank achieved a net profit of RMB193,133 million in 2017.
The Bank had a total of 23,661 domestic branch outlets at the end of 2017, including the Head Office, the Big Client Department of the Head Office, three specialized business units managed by the Head Office, three training institutes, 37 tier-1 branches (including five branches directly managed by the Head Office), 378 tier-2 branches (including business departments of branches in provinces), 3,485 tier-1 sub-branches (including business departments in municipalities, business departments of branches directly managed by the Head Office and business departments of tier-2 branches), 19,701 foundation-level branch outlets, and 52 other establishments. Our overseas branch outlets consisted of thirteen overseas branches and four overseas representative offices. The Bank had fifteen major subsidiaries, including ten domestic subsidiaries and five overseas subsidiaries.
The Financial Stability Board has included the Bank into the list of Global Systemically Important Banks for four consecutive years since 2014. In 2017, the Bank ranked No. 38 in Fortune’s Global 500, and ranked No. 6 in The Banker’s “Top 1000 World Banks” list in terms of tier 1 capital. The Bank’s issuer credit ratings assigned by Standard & Poor’s were A/A-1, and the long-/short-term issuer default ratings assigned by Fitch Ratings were A/F1.