Bank of Communications signs on to CargoDocs
We’re pleased to announce that Bank of Communications has signed on to CargoDocs for Trade Finance in order to support its corporate customers’ use of ePresentation under eUCP letters of credit (eUCP Presentations) and eDocumentary Collections.
The agreement, signed between essDOCS and the Shanghai-headquartered bank in April 2015, makes Bank of Communications the 20th banking group to sign on to CargoDocs and the 5th bank in China to adopt the solution.
About Bank of Communications
Founded in 1908, Bank of Communications Co., Ltd. ("the Bank") is one of the oldest banks in China as well as one of the note-issuing banks in modern China. The Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the Shanghai Stock Exchange in May 2007.
The Bank currently has 182 domestic branches, comprising 30 provincial branches, 7 branches directly managed by the Head Office and 145 managed by provinces. It has also established 2,701 banking outlets in 202 cities and 144 counties nationwide. In addition, the Bank has set up 12 overseas institutions, comprising branches in Hong Kong, New York, San Francisco, Tokyo, Singapore, Seoul, Frankfurt, Sydney, Macau, Ho Chi Minh City, Taipei and Bank of Communications (UK) Co., Ltd. According to the "Top 1000 World Banks 2012" published by the British magazine "The Banker", the Bank was ranked number 30 in terms of its Tier 1 Capital, moving 5 positions forward as compared with the prior year, and was among the top 50 for the fourth consecutive year
The Bank is one of the major financial services providers in China. The Bank's business scope includes commercial banking, securities services, trust services, financial leasing, fund management, insurance and offshore financial services. Its wholly-owned subsidiaries include BOCOM International Holdings Company Limited, China BOCOM Insurance Co., Ltd and Bank of Communications Finance Leasing Co., Ltd. Subsidiaries controlled by the Bank include Bank of Communications Schroder Fund Management Co., Ltd, Bank of Communications International Trust Co., Ltd, BoCommLife Insurance Company Limited, Dayi Bocomm Xingmin Rural Bank, Zhejiang Anji BOCOM Rural Bank Ltd, Xinjiang Shihezi BOCOM Rural Bank and Qingdao Laoshan BOCOM Rural Bank. In addition, the Bank is the largest shareholder of Jiangsu Changshu Rural Commercial Bank Co., Ltd.
About CargoDocs for Trade Finance
CargoDocs for Trade Finance enables banks to provide enhanced trade finance capabilities to corporate customers who use electronic bills of lading and supporting documents – achieved via three key instruments: eUCP Presentation, eDocumenatry Collection and Bank Payment Obligation (BPO).
essDOCS’ online eDocs Exchange acts as a multi-bank platform, enabling users to electronically execute financed trades with increased efficiency, speed and accuracy, in addition to reducing risk and improving both compliance and productivity for banks and corporate customers.