Bank of China †Survey of products and services provided Essay

Personal commiting. In the personal banking subdivision one of the principal products and helps overwhelm deposit products. The banking company of chinaw be entrusts a variety of deposit products including foreign currency deposits. It has too include multifunctional debit card which can assist fiscal planning. ( sterilises, 2006). It has also got a facility for deposit collections at different impersonates which facilitate those with transferable jobs or changing residences frequently to follow up their deposits without any geographical constraints (Deposits, 2006).Deposit Certificates are being issued by the Bank for peoples necessitate for studying abroad, visiting relatives or for domestic requirements. (Deposits, 2006). The bank also provides facilities for honorarium of fees, providing pay to employees, stock fund transfer service and handling of securities work services. (Deposits, 2006). In addition Personal Checks are provided for high value accounting system h olders for making large purchases which are beyond the credit card limits allotted. (Personal Check, 2006). In the loans segment, Bank of chinaware is providing a variety of loans to its personal customers.The primary loans include educational loans which can be commercial or state. The latter are at discounted interests by the central fiscal authorities in China, spell commercial loans are for financial backing tuition and other fees which is supported privately. (Loans, 2006). railcar loans include pay for purchase of cars. In addition there are travel loans to facilitate in board as well as out board travel which however has to be only by dint of approved travel company services as per bank norms. (Loans, 2006). in that location are petty consumer credit loans which are provided for facilitating form consumption needs of customers such as labor service and fee payments. (Loans, 2006). For such purposes the node is required to be credit worthy. A normal service provided b y the Bank is renting of safe deposit box. (Loans, 2006). Another important service provided by the bank is that of Bancassurance, which involves a tie up with the insurance companies, providing the leaf node a full range of services to include insurance, premiums on policy and preservation at a savings outlet in BOC.(Bancassurance, 2006). integrated Banking. In the corporate banking sector, the Bank of China has a strong carriage with a global profile. Its experience and expertise is seen to be of particular proceeds to the Chinese businessman seeking to do business globally. (Corporate, 2006) The bank claims to provide unique services based on its ability to assess food market sensitivity. The various corporate services provided by the bank include financing for trade, risk controls, protection of risk of debt and is extending even further to management of account book and collection.(Corporate, 2006). In the loans segment the various types of loans include providing worki ng capital to the companies, for financing projects, real estate businesses, fixed assets and loans on foreign currency. (Corporate, 2006) Business is provided finance in various forms of credit such as a normal credit line, credit for export buyers, finance lease guarantees, credit for export sellers, accounts receivable purchases and labor service contracts. (Corporate, 2006).For international businesses, the services provided include twain inward and outward remittance, collection of letters of credit for both imports and exports, amount discounting, packing loan and guarantees for businesses and shipping. (Corporate, 2006). The investment banking services include a financial advisory service, cash management, loan trusts and agent bank business. The bank has also developed extensive e banking services to include i-banking, telephone banking and agile phone banking. These services are seen to be highly effective in providing the corporate a variety of mediums of interaction o n the World liberal Web.(Corporate, 2006). In the segment of foreign exchange and settlement, it is the lead bank in China and hence enjoys considerable leverage in the Chinese banking industry. This caters for psyche and personal foreign exchange needs. (Forex, 2006). It has also facilities for forward transactions in foreign exchange Global business facilities include same daylight facility of funds transfer with the GLOBAL NICS programme in place which enables transactions across 581 overseas branches in 26 countries and regions on a single computer network. (Global, 2006).Linked to SWIFT communications, it enables a safe and lively transaction for business persons. This is particularly significant with the extensive network of the Bank within China comprising of over 12,000 branches. It also facilitates international clients to transfer capital within China speedily. (Global, 2006). Overseas Presence. The Banks overseas presence has been consistently growing after the Chin a Development Finance Company (HK) was established in 1979, followed by Bank of China Groups Securities Limited in 1983, Bank of China International UK Ltd 1996 and Bank of China International in Hong Kong in 1998.(BOCI, 2006). The ulterior entry of BOCI into mainland has provided it added opportunity to establish close links with stable Chinese corporations to include China National Petroleum Corporation, State Development & investment Corporation, China General Technology (Group) Holdings Limited and so on. (BOCI, 2006) This enables strengthening of the financial link of the Bank providing it greater stability in the international as well as national banking domains. (BOCI, 2006). Banking Facilitation.The BOC is also an agent bank for a large number of other banks providing them the services of consignment banking to manage loans amidst borrowers and the agent bank. The consignment banks include China Import and Export Bank and the State Development Bank. (Agent, 2006).This pro vides the client bank the advantage of drawing upon the experience, expertise and network of a larger bank with an international presence as the BOC. A relatively high quality of service is said to be provided to the agent bank by BOC. Generally a tripartite intellect is signed between the BOC, the client bank and the borrower. (Agent, 2006).