Established in 1912, Bank of China is the oldest bank in China. It has been ranked one of the world's top banks in terms of core capital by The Banker. For 90 years, Bank of China has played an important role in promoting China's economic and social progress through its active involvement in the country's international trade and financial activities. Since 1992 the bank has been awarded "The Best Bank in China" for nine times by Euromoney magazine, the latest being in 2002. Moreover, Bank of China has been included in the Fortune Global 500 for 13 consecutive years. Bank of China is the first and the only Chinese bank that has presence in all major continents. At the present the bank offers financial services through its global network of over 560 overseas offices in 25 countries and regions. In Hong Kong and Macao, Bank of China is one of the local note-issuing banks.In 2002, Bank of China continued to generate the biggest profit among all Chinese banks, realizing a pre-provisioning profit of RMB52.7 billion, an increase of 27.1% over the previous year. The real operating profit stood at RMB47.2 billion if the investment income derived from the listing of Bank of China (Hong Kong) Limited is excluded. By the end of 2002, Bank of China's total assets had exceeded RMB3 trillion. Traditional commercial banking constitutes the majority of Bank of China's business, which is composed of corporate banking, retail banking and banking with financial institutions. Corporate banking is built upon the backbone of the bank's core credit products, to meet the needs of its corporate clients and provide them with individual and innovative financial services. Retail banking serves the financial needs of the bank's individual customers, focusing on providing them with integrated products based around the bank's Great Wall Card. Financial institutions banking serves banks, securities firms and insurance companies worldwide with such services as funds transfer, clearing, inter-bank lending and custody. In line with the developing trends of the international financial industry, Bank of China has bolstered its foothold in commercial banking while expanding its investment banking and insurance arms. Bank of China International (BOCI), the bank's investment banking arm, has established itself as China's most successful investment bank abroad, with the longest history, largest assets under management, broadest distribution network and strongest professional team. To consolidate its competitive edge in the market, Bank of China has, from early 2000, taken a series of reform initiatives around the concept of building good corporate governance. In 2001, Bank of China successfully restructured its operations in Hong Kong by merging 10 of its member banks into Bank of China (Hong Kong) Limited, a locally registered bank. In July 2002, Bank of China (Hong Kong) Limited was successfully listed on the Hong Kong Stock Exchange. The USD2.8 billion offering was over-subscribed by 7.5 times. Within a short time of the listing, BOC Hong Kong was included into key international benchmarks such as the MSCI Hong Kong Index, signifying the importance that the global finance market gives to the bank. The deal was a landmark in the development of the Bank of China and a significant move in the reform of China's banking industry. In the year 2002, Bank of China celebrated its 90th anniversary. The traditions of the bank continue to be to build the reputation of Bank of China as both creditworthy and trusted, as well as to strive for success through innovation. With its proud 90-year history, Bank of China will continue to build on what has already been achieved to date, and leap forward with renewed energy to create an even greater organization in the future.