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 2016, the Bank had total assets of RMB19,570,061 million, loans and advances to customers of RMB9,719,639 million and deposits of RMB15,038,001 million. Our capital adequacy ratio was 13.04%. The Bank achieved a net profit of RMB184,060 million in 2016.
The Bank had a total of 23,682 domestic branch outlets at the end of 2016, 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), 365 tier-2 branches (including business departments of branches in provinces), 3,506 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), 19,714 foundation-level branch outlets, and 55 other establishments. Our overseas branch outlets consisted of ten overseas branches and three overseas representative offices. The Bank had fourteen major subsidiaries, including nine domestic subsidiaries and five overseas subsidiaries.
The Financial Stability Board has included the Bank into the list of Global Systemically Important Banks for three consecutive years since 2014. In 2016, the Bank ranked No. 29 in Fortune’s Global 500, and ranked No. 5 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.