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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Agricultural Bank of China Ltd    601288   CNE100000RJ0

AGRICULTURAL BANK OF CHINA LTD (601288)
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Agricultural Bank of China Ltd : ABC’s New York Bank Launches USD Clearing Business

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11/14/2013 | 05:50am EST

On October 21 of New York local time, Agricultural Bank of China Limited (ABC) New York Branch had its US dollar clearing business successfully launched. A  major "first" for ABC, ABC thus becomes a tier-one global clearing bank for US Dollars
The clearing business is settled through the Clearing House Interbank Payment System (CHIPS). It's learnt that CHIPS is the world's most important clearing institution and accounts for 96% of global US dollar clearing. After New York Branch started business, ABC made active efforts to join CHIPS and eventually became its 53rd participating bank for clearing in the world.
The successful launch of the business is significant for ABC. On the one hand, it reduces ABC path dependence on correspondent banks and improves its ability in business value creation. Previously, ABC US dollar clearing business was handled by correspondent banks in the United States, and major business resources were occupied by international large clearing banks. After the business is launched, ABC realizes tier-one US dollar clearing through New York Clearing House for the first time. It effectively promotes the self-dependent research and development of US dollar clearing products and improves the business benefits. On the other hand, it enhances ABC comprehensive service ability for clients. Many clients of ABC, especially trade financing clients, have considerable demand for US dollar clearing business. Launch of the US dollar clearing business further strengthens ABC ability in cross-border financial services and elevates its comprehensive service level for clients.

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Financials (CNY)
Sales 2018 597 B
EBIT 2018 324 B
Net income 2018 205 B
Debt 2018 79 899 M
Yield 2018 4,90%
P/E ratio 2018 5,96
P/E ratio 2019 5,62
EV / Sales 2018 2,20x
EV / Sales 2019 2,05x
Capitalization 1 234 B
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Number of Analysts 27
Average target price 4,30  CNY
Spread / Average Target 20%
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Mu Bing Zhou Chairman
Jing Dong Wang Chairman-Supervisory Board
Tie Jun Wen Independent Non-Executive Director
Xing Chun Wang Member-Supervisory Board
Tian Fan Yuen Independent Non-Executive Director
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