Agricultural Bank of China

Agricultural Bank of China Limited (ABC) (simplified Chinese: 中国农业银行股份有限公司; traditional Chinese: 中國農業銀行股份有限公司; pinyin: Zhōngguó Nóngyè Yínháng) is the one of the "Big Four" banks in the People's Republic of China. It was founded in 1949, and has its headquarters in Beijing and has branches throughout mainland China, and also in Hong Kong and Singapore. It employs over 300,000 people. As of 2004 it had an annual turnover of US$13.3 billion. By the end of 2005, the Agricultural Bank of China became the second largest bank in China in terms of total assets, which had hit 4.88 trillion yuan (US$605 billion), second only to the Industrial and Commercial Bank of China (ICBC). The Agricultural Bank was the victim of the largest bank robbery in Chinese history in April 2007, when two vault managers at the Handan branch of the ABC in Hebei province embezzled almost 51 million yuan. After establishment of the People's Republic of China, ABC has been formed and abolished several times. In 1951, two banks of the Republic of China, Farmers Bank of China and Cooperation Bank, merged to form Agricultural Cooperation Bank, which ABC regards as its precedent. However, the bank was merged into
FULL ARTICLE AT WIKIPEDIA.ORG

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