China 2015: BRAND PROFILE | 20. Bank of Communications Company
COMPANY Bank of Communications Company, Ltd.
BRAND VALUE US$ 3.8 Billion
YEAR-ON-YEAR CHANGE -22%
YEAR FORMED 1908
The bank signed strategic cooperation agreements with leading telecoms, agriculture and transportation companies, strengthening its corporate and institutional business.
In personal banking, the bank marketed its wealth management business and added cross-border services.
A marketing campaign called “Red Friday” successfully increased bank credit card use for spending on daily necessities like groceries and gas. The bank also accelerated the integration of its online, mobile and offline banking services. Mobile transactions increased over 126 percent in the first six months of 2014.
One of China’s oldest banks, Bank of Communications was restructured in 1986, in line with national economic reforms, and listed on the Hong Kong Stock Exchange in 2005 and the Shanghai Stock Exchange in 2007.
Net income improved 6 percent to $6.0 billion on a 15 percent revenue increase to $27.3 billion, during the first half of 2014. For the full year 2013, net income improved 10 percent to $10.1 billion on revenue of $48.3 billion, a 12 percent increase.