History
After the establishment of the People's Republic of China in 1949, ABC has been formed and abolished several times. In 1951, two banks of the Republic of China, Farmers Bank of China and Cooperation Bank, merged to form 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, and it was also merged into the central bank two years later. Today's Agricultural Bank of China was founded in February 1979. It was restructured to form a holding company called Agricultural Bank of China Limited. It was listed on the Shanghai and Hong Kong stock exchanges in July 2010.
In April 2007 ABC was the victim of the largest bank robbery in Chinese history. This occurred when two vault managers at the Handan branch of the bank in Hebei province embezzled almost 51 million yuan (US$7.5 million).
In 2012 ABC started a project to migrate to the Avaloq Banking System.
Read more about this topic: Agricultural Bank Of China
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