As part of its joint-stock reform in preparation for its
impending share-offering, the Bank of
China (BOC), one of China's "Big Four" state-owned commercial
banks, has sacked 20 local branch directors for breach of duty, a
BOC spokesman was quoted by the Beijing Youth Daily as
saying on Thursday.
These former directors of BOC branches were dismissed mainly
because their mismanagement had resulted in considerable losses for
the BOC, spokesman Wang Zhaowen said.
The BOC, which is seeking to list later this year, posted
operating profits for 2004 that surged 21.3 percent year-on-year to
57.8 billion yuan (about US$7 billion). 2004 net profits were level
with 2003, amounting to 20.9 billion yuan (some US$2.5
billion).
Despite the attempts at joint-stock reforms, the BOC is still
plagued by serious issues. "The BOC has loopholes in its
self-management and risk-control mechanisms," Wang said.
(Xinhua News Agency June 3, 2005)