Founded in 1908, Bank of Communications Co., Ltd. ("the Bank") is one of the oldest banks in China as well as one of the note-issuing banks in modern China. The Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the Shanghai Stock Exchange in May 2007. The Bank currently has 182 domestic branches, comprising 30 provincial branches, 7 branches directly managed by the Head Office and 145 managed by provinces. It has also established 2,701 banking outlets in 202 cities and 144 counties nationwide. In addition, the Bank has set up 12 overseas institutions, comprising branches in Hong Kong, New York, San Francisco, Tokyo, Singapore, Seoul, Frankfurt, Sydney, Macau, Ho Chi Minh City, Taipei and Bank of Communications (UK) Co., Ltd. According to the "Top 1000 World Banks 2012" published by the British magazine "The Banker", the Bank was ranked number 30 in terms of its Tier 1 Capital, moving 5 positions forward as compared with the prior year, and was among the top 50 for the fourth consecutive year. The Bank is one of the major financial services providers in China. The Bank's business scope includes commercial banking, securities services, trust services, financial leasing, fund management, insurance and offshore financial services. Its wholly-owned subsidiaries include BOCOM International Holdings Company Limited, China BOCOM Insurance Co., Ltd and Bank of Communications Finance Leasing Co., Ltd. Subsidiaries controlled by the Bank include Bank of Communications Schroder Fund Management Co., Ltd, Bank of Communications International Trust Co., Ltd, BoCommLife Insurance Company Limited, Dayi Bocomm Xingmin Rural Bank, Zhejiang Anji BOCOM Rural Bank Ltd, Xinjiang Shihezi BOCOM Rural Bank and Qingdao Laoshan BOCOM Rural Bank. In addition, the Bank is the largest shareholder of Jiangsu Changshu Rural Commercial Bank Co., Ltd.