Wu Wei: Breaking from convention
As part of Euromoney's 50th anniversary coverage, we profile some of the biggest names that we interviewed for our May Asia focus.
Bank of Communications (BoComm) has a long and distinct history in China. Founded in 1908, it was one of the four note-issuing banks in China. After the establishment of the People’s Republic of China, it played a key role in financial reform and was restructured in 1986/87 to help revitalize Shanghai and build it into a financial centre.
“We were the first one to break from the conventional Chinese banking system and to build a real commercial banking system,” says executive vice-president and chief financial officer Wu Wei. The sale of a 19.9% stake to HSBC in 2004 was a landmark development. “Bank of Communications has always been the pioneer of reform.”
|Wu Wei, BoComm
Today, an ambition is to build the best wealth management bank in the country, using technology for momentum and to control risk.