Beginning in 2000, Goldman Sachs assisted the company in formulating and implementing its restructuring plans. A critical element of these efforts was the consolidation and listing of its commercial banking operations in Hong Kong, and we acted as the financial advisor for this process.

In October 2001, Bank of China (Hong Kong) was successfully formed through the merger of Bank of China's 12 subsidiary banks and one credit card company. This merger was not only Hong Kong's largest bank merger but also one of the most complicated.

Goldman Sachs further advised the company on its July 2002 listing on the Stock Exchange of Hong Kong, which raised $2.7 billion. This highly successful and historic IPO was the first international stock listing by a mainland bank, and paved the way for broader financial change within China.