Bank of China †Survey of products and services provided Essay

private coin banking. In the own(prenominal) blasphemeing segment one of the principal products and aids complicate bank products. The cuss of chinaware provides a miscellanea of deposit products including inappropriate currency deposits. It has likewise complicated multifunctional debit g overnment note which rear assist financial planning. (Deposits, 2006). It has in any case got a facility for deposit collections at diverse situations which facilitate those with removeable jobs or ever-changing residences frequently to follow up their deposits with fall out each geographical constraints (Deposits, 2006).Deposit Certificates argon organism issued by the patois for peoples ask for studying abroad, visiting relatives or for domestic requirements. (Deposits, 2006). The bank also provides facilities for payment of fees, providing pay to employees, stock fund conveyance of title service and handling of securities trading go. (Deposits, 2006). In addition Persona l Checks atomic number 18 provided for higher(prenominal) value account holders for making adult procures which are beyond the assurance card limits allotted. (Personal Check, 2006). In the lends segment, Bank of mainland China is providing a variety of bestows to its personal customers.The primary loans implicate educational loans which can be commercial-grade or state. The latter are at discounted interests by the central financial authorities in China, while commercial loans are for financing tuition and other fees which is support privately. (Loans, 2006). Auto loans intromit financing for purchase of cars. In addition there are pass loans to facilitate in menu as well as out board travel which however has to be only through approved travel company work as per bank norms. (Loans, 2006).There are petty consumer realisation loans which are provided for facilitating everyday consumption needs of customers such as labor service and fee payments. (Loans, 2006). For su ch purposes the knob is needed to be credit worthy. A normal service provided by the Bank is rent of safe deposit box. (Loans, 2006). Another crucial service provided by the bank is that of Bancassurance, which involves a tie up with the insurance companies, providing the client a full range of work to include insurance, premiums on policy and deliverance at a savings egress in BOC.(Bancassurance, 2006). Corporate Banking. In the integrated banking sector, the Bank of China has a fast presence with a global profile. Its control and expertise is seen to be of particular make headway to the Chinese cableman seeking to do business globally. (Corporate, 2006) The bank claims to provide ludicrous services based on its talent to assess market sensitivity. The divers(a) incorporate services provided by the bank include financing for trade, gamble controls, protection of risk of debt and is extending even further to management of journal and collection.(Corporate, 2006). I n the loans segment the various types of loans include providing working capital to the companies, for financing projects, existent estate businesses, fixed assets and loans on inter bailiwick currency. (Corporate, 2006) Business is provided finance in various forms of credit such as a normal credit line, credit for exportation buyers, finance lease guarantees, credit for export sellers, accounts receivable purchases and labor service contracts. (Corporate, 2006).For internationalistic businesses, the services provided include both in and outward remittance, collection of letters of credit for both imports and exports, bill 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 constituent bank business. The bank has also developed extensive e banking services to include i-banking, tele shout banking and mobile phone banking. These services are seen to be passing effective in providing the corporate a variety of mediums of interaction on the solid ground Wide Web.(Corporate, 2006). In the segment of foreign step in and settlement, it is the lead bank in China and hence enjoys considerable supplement in the Chinese banking industry. This caters for individual and personal foreign exchange needs. (Forex, 2006). It has also facilities for onward transactions in foreign exchange Global business facilities include uniform day facility of funds transfer with the GLOBAL NICS programme in place which enables transactions across 581 afield branches in 26 countries and regions on a mavin computer meshwork. (Global, 2006).Linked to SWIFT communications, it enables a safe and speedy 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 property within China speedily. ( Global, 2006). Overseas Presence. The Banks overseas presence has been consistently growing after the China organic evolution Finance fraternity (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 later(prenominal) entry of BOCI into mainland has provided it added opportunity to establish beside links with stable Chinese corporations to include China National Petroleum Corporation, utter 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 in the midst of bo rrowers and the agent bank. The consignment banks include China instant and Export Bank and the State Development Bank. (Agent, 2006).This provides the client bank the advantage of force upon the experience, expertise and network of a larger bank with an international presence as the BOC. A relatively high whole step of service is said to be provided to the agent bank by BOC. Generally a tripartite agreement is signed between the BOC, the client bank and the borrower. (Agent, 2006).