China Construction Bank is a commercial bank engages in the provision of financial and banking services.
China Construction Bank Corporation (CCB) is one of the “big four” banks in the People’s Republic of China. In 2015 CCB was the 2nd largest bank in the world by market capitalization and 6th largest company in the world. The bank has approximately 13,629 domestic branches. In addition, it maintains overseas branches in Barcelona, Frankfurt, Luxembourg, Hong Kong, Johannesburg, New York City, Seoul, Singapore, Tokyo, Melbourne, Kuala Lumpur, Sydney and Auckland, and a wholly owned subsidiary in London. Its total assets reached CN¥ 8.7 trillion in 2009. Its headquarters is in Xicheng District, Beijing.
This strategic investment, totaling around $65 million, translates to approximately 0.01 percentage point in each bank. The impact on the market was immediate and substantial, with shares of these major banks soaring between 2.43% and 4.73% in the early hours of Thursday.
While there’s no explanation given by CCB, the recent withdrawal of the blockchain bond has left investors upset. The Malaysian crypto exchange Fusang expressed disappointment on CCB’s decision.
China Construction Bank clarified that it doesn’t work with Bitcoin or any other cryptocurrency. However, it will accept bond deposits made in Bitcoin.