ABC has 320 million retail customers,2.7 million corporate clients,and nearly 24,000 branches. It is China's third-largest lender by assets. ABC went public in mid-2010,fetching the world's biggest ever initial public offering (IPO) at the time,[5] since overtaken by the Saudi Arabianstate-runpetroleum enterprise,Saudi Aramco.[6] In 2011,it ranked eighth among the Top 1000 World Banks,[7] by 2015,it ranked third in Forbes' 13th annual Global 2000 list[8] and in 2017 it ranked fifth.[9] In 2023,Agricultural Bank of China was ranked #4 in Forbes' Global 2000 (World's Largest Public Companies).[10] It is considered a systemically important bank by the Financial Stability Board.
History
Since the establishment of the People's Republic of China in 1949,ABC has been formed and abolished several times. On 10 July 1951,two banks of the Republic of China,Farmers Bank of China and Cooperation Bank,merged to form the Agricultural Cooperation Bank,which ABC regards as its ancestor. However,the bank was merged into People's Bank of China,the central bank in 1952. The first bank bearing the name Agricultural Bank of China was founded in 1955,but it was merged into the central bank in 1957. In 1963 the Chinese government formed another agricultural bank which was also merged into the central bank two years later. Today's Agricultural Bank of China was founded in February 1979. As the People's Bank of China began spinning off its commercial banking functions after 1978,ABC's focus on providing farmers with financial services increased.[11]:225
The Agricultural Bank of China halted business with a North Korean bank accused by the United States of financing Pyongyang's missile and nuclear programs.[16]
In 2023,the asset management division of Agricultural Bank of China ABC WM together with BNP Paribas Asset Management launched an asset management joint venture. BNP Paribas ABC Wealth is majority owned by BNPP AM (51%),ABC Wealth Management holds 49%. Alexandre Werno became the CEO.[17]
As of 2024,Agricultural Bank of China continues to operate in Russia despite international sanctions imposed following Russia's invasion of Ukraine. While many Western financial institutions have withdrawn from the Russian market,Chinese banks,including AgBank,have expanded their operations and influence,quadrupling their credit commitments to Russian banks by March 2023.[18] ABC together with the Industrial and Commercial Bank of China (ICBC),the Bank of China and the China Construction Bank increased their joint commitment to Russia by $2.2 billion within 14 months of the launch of the Russian attack on Ukraine,reaching 9.7 billion dollars.[19] This financial support,largely conducted in yuan rather than dollars or euros,aligns with Beijing's broader strategy to promote its currency as an alternative to the U.S. dollar. Critics argue that such actions undermine international efforts to isolate Russia economically and indirectly enable its continued aggression against Ukraine.[18][20][21]
ABC was the last of the "big four" banks in China to go public. In 2010,A shares and H shares of Agricultural Bank of China were listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange respectively. Each share was set to cost between 2.7RMB and 3.3RMB per share.[23] H shares were set to cost between HK$2.88 and HK$3.48 per share.[24] The final share price for the IPO launch was issued on 7 July 2010. On completion in August 2010 it became the world's biggest initial public offering (IPO) surpassing the one set by Industrial and Commercial Bank of China in 2006 of US$21.9 billion.[25] This record has since been beaten by another Chinese company,Alibaba,in 2014.[26]
ABC raised US$19.21billion in an IPO in Hong Kong and Shanghai on 6 July 2010,before overallotment options were exercised.[27] On 13 August 2010,ABC officially completed the world's largest initial public offering,raising a total of $22.1 billion after both Shanghai and Hong Kong's over-allotments were fully exercised.[28][29] The IPO was once thought to be able to raise US$30 billion,but weaker market sentiment dampened the value.[30] Despite a 15-month low for the Chinese benchmark index,the IPO was said to have gone smoothly.[31]
On Aug 01,2024,Saudi Arabia's Public Investment Fund (PIF) announced MOUs worth $50 billion with six Chinese financial institutions,including the Agricultural Bank of China and Bank of China.[33]
↑ "Contact UsArchived 2014-02-26 at the Wayback Machine ." Agricultural Bank of China. Retrieved on 27 February 2014. "Address:No.69, Jianguomen Nei Avenue, Dongcheng District, Beijing, P.R.China,100005"
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CN¥602.56 billion
467,631 (2020) [3] 
