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.
The Bank had 23,612 domestic branch outlets at the end of 2014, including the Head Office, the Business Department of the Head Office, three specialized business units managed by the Head Office, 37 tier-1 branches (including branches directly managed by the Head Office), 353 tier-2 branches (including business departments of branches in provinces), 3,515 tier-1 subbranches (including business departments in municipalities, business departments of branches directly managed by the Head Office and business departments of tier-2 branches), and 19,702 other establishments. The Bank had fourteen major subsidiaries, including nine domestic subsidiaries and five overseas subsidiaries.
Capitalizing on the comprehensive business portfolio, extensive distribution network and advanced IT platform, the Bank provides range of corporate and retail banking products and services for a broad range of customers and conducts treasury operations and asset management.
Our capital adequacy ratio was 12.82%. The Bank achieved a net profit of RMB179,510 million in 2014.
In 2014, the Bank was included in the list of Global Systemically Important Banks for the first time. The Bank ranked No. 47 in Fortune’s Global 500, and ranked No. 9 in The Banker’s “Top 1000 World Banks” list in terms of tier 1 capital. The Bank’s issuer credit ratings were assigned A/A-1 by Standard & Poor’s; the Bank’s deposits ratings were assigned A1/P-1 by Moody’s Investors Service; and the long-/short-term foreign-currency issuer default ratings were assigned A/F1 by Fitch Ratings. The Bank’s outlook ratings assigned by the above credit rating agencies were “stable”.
Agricultural Bank of China’s business scope includes, among other things, investment banking, fund management, financial leasing and life insurance. At the end of 2014, the Bank had total assets of RMB 15,974,152 million, loans and advances to customers of RMB 8,098,067 million and deposits of RMB 12,533,397 million.