Union Bank of Hong Kong

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 now becomes 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, bank run happened in the bank to cause a great drop in cash flow from HK$2.1 billion to HK$710 million. This caused the resignation of the bank's directors. In 1986, the British Hong Kong Government decided to "administratively" take over the bank.[2] Chinese state owned China Merchants acquired the bank at 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]

See others

References

  1. ↑ ICBC Formally Purchases Union Bank of Hong Kong
  2. ↑ 招商局拯救香港友联银行 (Chinese Version)
  3. ↑ China Merchants
  4. ↑ ICBC Formally Purchases Union Bank of Hong Kong
  5. ↑ HK Union Bank Gets New Name
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