Bank of China (Canada)

Bank of China (Canada)
Subsidiary
Industry Bank
Predecessor Bank of China Toronto Representative Office
Founded May 18, 1993[1]
Headquarters 50 Minthorn Boulevard
Markham, Ontario, Canada
Areas served
Parent Bank of China
Website www.bankofchina.com/ca
A branch located in Toronto's Chinatown

Bank of China (Canada), commonly known as BOCC, is the Canadian subsidiary of the Bank of China (BOC). It provides consumer banking services targeted toward Chinese Canadians as well as business banking for companies from one country wishing to do business in the other.

Operations

The Bank of China began its business in Canada by opening a representative office in Toronto on September 8, 1992. A new Canadian bank, the Bank of China (Canada), was incorporated as a subsidiary of BOC in 1993 under Schedule II of the Bank Act.[1]

Services

  • Personal and commercial banking accounts
  • Chinese Yuan (RMB) deposit accounts with flexible term (passbook savings) and fixed term deposits
  • Remittances
  • Loans
  • Mortgages
  • Foreign Exchange
  • Funds Transfer
  • China Visa Application (acting as agent, however plans for a China Visa Application Centre are being made and it is anticipated that the Consulate General of the People Republic of China in Toronto will entrust all future China Visa applications to Bank of China Canada's Visa Application Centre)

BOC Canada has 10 locations, two of which are in testing phase and expected to open in the near future:

  • Markham, Ontario (First Markham Place)
  • Scarborough, Ontario (Midland Avenue, north of Finch Avenue East)- This branch moved to where former Vip Service Centre was located on March 28, 2016 and carried on operation name as the GTA main branch)
  • Toronto, Ontario (Chinatown on Dundas St. West)
  • Toronto, Ontario (Exchange Tower) (not involved in retail business)
  • North York, Ontario (Peanut Plaza)
  • Burnaby, British Columbia [2]
  • Vancouver, British Columbia
  • Richmond, British Columbia
  • Calgary, Alberta
  • Mississauga, Ontario (1170 Burnhamthorpe Rd west unit 33, near Golden Square Mall)

Membership

BOC Canada is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of Interac, which handles transactions between automated teller machines of different banks and debit card transactions.

References

  1. 1 2 "Overview". About Us. Bank of China (Canada). Retrieved August 23, 2017.
  2. ↑ http://www.bankofchina.ca/portal/newsContent?newsId=149&lang=1
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