Agricultural Bank of China Sucks Customer Reviews and Feedback
Agricultural Bank of China (ABC), also known as AgBank, is one of the "Big Four" banks in the People's Republic of China. It was founded in 1951 and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, Hong Kong, London, Tokyo, New York, Frankfurt, Sydney, Seoul, and Singapore. ABC has 320 million retail customers, 2.7 million corporate clients, and nearly 24,000 branches. It is China's third-largest lender by assets. ABC went public in mid-2010, fetching the world's biggest-ever initial public offering (IPO) at the time, since overtaken by another Chinese company, Alibaba. In 2011, it ranked eighth among the Top 1000 World Banks, by 2015, it ranked third in Forbes' 13th annual Global 2000 list and in 2017 it ranked fifth.
Agricultural Bank of China is one of the most famous corrupted banks which rank in the top 10 scams of banks all over the world. There are hundreds of cases that are solid proof that the Agriculture Bank of China absolutely sucks. It uses unique and advance tricks based on the technical formulas which cannot be understood by an ordinary person. The whole bank from the CEO to employees is the suck. Agriculture bank of china is done the biggest scams in the history of china. Some of the real methods of their sucking are described below.
Two employees at the Agricultural Bank of China, one of the nation’s four biggest state-owned commercial banks, allegedly carried out a scam that led to it losing 3.9 billion yuan (HK$4.6 billion), mainland media reports. The loss, confirmed by the bank in a filing to investors last night, involved the use of bills of exchange, which work in a similar way to post-dated cheques, and bind one party to pay a fixed sum to another by a certain time, the mainland financial magazine Caixin reported yesterday. The bills can be issued by a bank and payees rely on the credibility of the issuers to ensure the bills are paid on time. But the bills are also transferable, which means a payee can sell a bill to another party at a discounted price for a fee before its due date. Caixin alleged the two employees, based in the bank’s Beijing branch, illegally sold the bills of exchange worth 3.9 billion yuan to an agent in Chongqing, which sold them to another bank. The employees allegedly used a large sum from the sale of the bills to invest in the Chinese stock market, which has suffered frequent turbulence since last June. The bank said in its filing that police were now investigating. Caixin, citing anonymous sources, said the employees had been placed under investigation and, because of the large losses, the Ministry of Public Security and China Banking Regulatory Commission had reported the matter to the State Council. “The scam from Agricultural Bank of China is just the tip of the iceberg,” an unnamed banking risk control analyst was quoted as saying by Caixin.
The complete description of another Massive Fraud Unearthed at Agricultural Bank of China is given Auditors say they’ve uncovered 60.3 billion yuan (US$7.5 billion) worth of financial crimes and bookkeeping irregularities at the Agricultural Bank of China. Many popular daily reports channels discovered 51 cases of fraud worth 8.7 billion yuan and involving 157 employees, the China National Audit Office said in a website statement. "The cases included not only loan fraud involving persons outside the bank but also the embezzlement of funds by bank employees who conspired with outside parties," the statement said. The statement said the bank also accepted 14.3 billion yuan in "irregular" deposits based on incomplete or fake identities in 2004 and granted 27.6 billion yuan in loans, mostly to car buyers and developers, without receiving proper collateral. The article states that amid talk of reorganizing the debt-ridden bank, the country’s banking authority has yet to unveil a plan to revamp Agricultural Bank, but speculation is rife that the troubled lender may be split into smaller units designed to let local governments share reform costs. Liu Mingkang, chairman of the China Banking Regulatory Commission, said earlier this month that it might take two to three years for state agencies to work out an overhaul plan for Agricultural Bank.
Agriculture Bank of China is the worst and most famous sucks bank, must be investigated properly to reduce their scams.
_amitm says"RT @red_pulse_china: Agricultural Bank of China (ABC) [1288:HK] announced that it has established a fintech subsidiary in Beijing, with a r…"
crowdfundinside says"Agricultural Bank of China Establishes Financial Technology Subsidiary #Fintech https://t.co/BvaPVxiTlV"
DGSNVmm0t02 says"RT @red_pulse_china: Agricultural Bank of China (ABC) [1288:HK] announced that it has established a fintech subsidiary in Beijing, with a r…"
red_pulse_china says"Agricultural Bank of China (ABC) [1288:HK] announced that it has established a fintech subsidiary in Beijing, with… https://t.co/YUFEeBjTjX"
In The News
S&P Global reports"China Banks After COVID-19: Big Get Bigger, Weak Get Weaker"
BloombergQuint reports"China’s Big Banks Are Under Pressure From Rising Bad Loans"
Barron's reports"China’s Big Banks Are Weathering the Crisis"
Reuters reports"Agricultural Bank of China to pay New York state $215 million for anti-money laundering violations"