Bank of China approves significant connected transactions with CITIC affiliates

Bank of China Limited (BOC) announced the approval of recurring connected transactions with China CITIC Financial Asset Management Co., Ltd. and China CITIC Financial Asset Management International Holdings Co., Ltd. The board sanctioned an aggregate cap of 73.46 bn yuan for these transactions, covering the period from January 1, 2026, to December 31, 2026. This includes 65.88 bn yuan for credit-related transactions, 0.40 bn yuan for service-related transactions, 0.40 bn yuan for deposit-related transactions, and 7.50 bn yuan for other transactions.

The transactions, considered normal course of business for BOC, will not be submitted for shareholder approval. Mr. Li Zimin, a connected director, abstained from voting, while independent directors approved the proposal. BOC asserts that these transactions will not materially impact its operations or financial position, nor will they compromise its independence.

China CITIC Financial Asset Management and China CITIC Financial Asset Management International Holdings are connected entities due to common directors. Historical connected transactions since March 11, 2025, have included credit, service, deposit, and other categories, with total amounts of 12.00 bn yuan, 0.62 m yuan, 2.20 m yuan, and 5.44 bn yuan, respectively, all performed under normal conditions. These transactions adhere to commercial principles and market-based pricing, fostering mutual cooperation.