Agricultural Bank of China

About Agricultural Bank of China

Founded in 1951 to finance rural development and agriculture. The Agricultural Bank of China served rural communes and agricultural enterprises during the planned economy era. After economic reforms, ABC became a commercial bank while maintaining its focus on rural areas. The bank had the largest IPO in history at the time in 2010, raising 22 billion simultaneously in Hong Kong and Shanghai. ABC has over 4 trillion in assets and 320 million customers. The bank operates over 24,000 branches, many in rural areas. ABC finances agricultural modernization, rural infrastructure, and poverty alleviation. The bank has struggled with non performing loans in rural areas but improved asset quality significantly.