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BOC Sacks 20 Local Branch Heads
2005-6-2 22:22:00      Xinhua
The Bank of China has sacked 20 local branch heads to clean up its image before its IPO plan.

Related Event: Financial Supervision

The country's top foreign exchange lender, the Bank of China or the BOC, has sacked 20 local branch directors due to their breach of duty in an effort to clean up its image before its public offering plan.

The Beijing Youth Daily quoted the bank's spokesman Wang Zhaowen as saying that these former directors of BOC branches were dismissed because their misconduct had caused considerable losses to the bank.

As one of China's "big four" state-owned commercial banks, the Bank of China is seeking to offer shares in 2005.

Earlier, it posted its 2004 operating profits figure of 57.8 billion yuan (about 7 billion US dollars) with a 21.3 percent year-on-year increase.

Its net profits in the same year were level with 2003, amounting to 20.9 billion yuan (some 2.5 billion dollars).

Despite all kinds of joint-stock reforms, the BOC is still harassed by frequent occurrences of serious bank crimes, prompting the bank to enhance its self-management and risk-control mechanisms. 

(Photo source: xinhua)


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v Bank of China to Sell US$10 Bln Stake 05-31
v Bank of China Reports 2004 Profit 05-31
v Bank of China Prepares for IPOs 05-31
v BOC to Seek Senior Staff Worldwide 05-23

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