Union Bank of Hong Kong

The Union Bank of Hong Kong (Former stock code: SEHK: 349)(Traditional Chinese: 香港友聯銀行) was a bank in Hong Kong. It became the Industrial and Commercial Bank of China (Asia) (Traditional Chinese: 中國工商銀行 (亞洲)).

The bank was established in Hong Kong in 1964 and was listed on the Hong Kong Stock Exchange in 1973.[1]

In 1984, due to negative rumours, there was a bank run causing a great drop in cash flow from HK$2.1 billion to HK$710 million. This resulted in the resignation of the bank's board of directors.[citation needed]

In 1986, the British Hong Kong Government decided to "administratively" take over the bank.[2] Chinese state-owned China Merchants Group acquired the bank in the same year.[3]

In 2000, the bank was sold to the Industrial and Commercial Bank of China,[4] the largest bank in China, and it was renamed to Industrial and Commercial Bank of China (Asia).[5]

References

  1. ^ ICBC Acquires HK Union Bank, 20 April 2000, People's Daily.
  2. ^ 招商局拯救香港友联银行 (Chinese Version)
  3. ^ China Merchants Archived 2009-01-06 at the Wayback Machine
  4. ^ ICBC Formally Purchases Union Bank of Hong Kong, 18 July 2000, People's Daily
  5. ^ HK Union Bank Gets New Name, 23 August 2000, People's Daily