Sun Hung Kai Bank

From Wikipedia, the free encyclopedia

Sun Hung Kai Bank (Traditional Chinese: 新鴻基銀行), originally established as Sun Hung Kai Finance Company (the financing arm of Sun Hung Kai Securities), was acquired in 1985 by Arab Banking Corporation (ABC) and in 1986 Sun Hung Kai Bank was renamed International Bank of Asia (IBA). In 2004, IBA was acquired by Taiwan-based Fubon Group, which renamed the bank Fubon Bank (Hong Kong) Limited (Traditional Chinese: 富邦銀行 (香港)) in 2005. Currently, the bank operates under the name Fubon Bank (Hong Kong) Limited.

History[]

Sun Hung Kai Bank (Traditional Chinese: 新鴻基銀行), originally established as Sun Hung Kai Finance Company (the financing arm of Sun Hung Kai Securities), was acquired in 1985 by Arab Banking Corporation (ABC) and in 1986 Sun Hung Kai Bank was renamed International Bank of Asia (IBA). In 2004, IBA was acquired by Taiwan-based Fubon Group, which renamed the bank Fubon Bank (Hong Kong) Limited (Traditional Chinese: 富邦銀行 (香港)) in 2005. Currently, the bank operates under the name Fubon Bank (Hong Kong) Limited.

The original Sun Hung Kai Bank shareholders included Banque Paribas, Merrill Lynch, and the family of Fung King Hey (founder of Sun Hung Kai Securities).

In 1985, Ahmet D. Arsan, Asia Head of Arab Banking Corporation (ABC), arranged for ABC to acquire 75% of Sun Hung Kai Bank, which, at the time, was suffering from sub-optimal results and was ripe for a take-over. Arsan was an influential Turkish-American banker who ABC had recruited in 1982 to head ABC Asia Pacific, after his success, years earlier, in establishing the Asia Pacific arm of (now JPMorgan Asia). Immediately following the 1985 acquisition of Sun Hung Kai Bank by ABC, Arsan made sweeping changes in the bank, ranging from the executive management team and most of the bank's staff, to the bank's entire set of operating procedures, on which all employees were trained. In 1986, Arsan changed the institution's name and re-branded the organization as International Bank of Asia (IBA); (港基國際銀行). Ahmet D. Arsan was the founding Chief Executive Officer and Managing Director of International Bank of Asia (IBA) from 1985 to 1989, after which Arsan left IBA and established a private Hong Kong based trading firm.

In 1990, following Arsan's departure, ABC acquired the remaining 25% of IBA shares, making IBA a wholly owned subsidiary of ABC, until October 1993 when China Everbright Group became a 20% stake holder. In November 1990, IBA was listed on the Hong Kong Stock Exchange.

In February 2004 Fubon Financial Holding Co., Ltd., a member of Taiwanese financial institution Fubon Group, in an acquisition of IBA shares from both ABC and China Everbright Group, acquired a 75% stake in IBA. The M&A advisor was Citigroup Global Markets.

At the 2005 Fubon Group annual general meeting, the Fubon board approved for IBA to adopt the Fubon name. On April 6, 2005, IBA was renamed Fubon Bank (Hong Kong) Limited.

Fubon Bank (Hong Kong) Limited operates 25 retail outlets in Hong Kong including 22 branches and 3 Securities Services Centers, and provides a wide range of financial services encompassing consumer and wholesale banking, wealth management, financial markets, hire purchase, securities brokerage and investment services. Fubon Bank is listed on The Stock Exchange of Hong Kong (stock code: 636) and holds an A-2 short-term, BBB+ long-term rating from S&P. The rating reflects Fubon Bank's strong capitalization, good liquidity and sound asset quality.

Timeline[]

References[]

  1. ^ Milestones of Sun Hung Kai & Co. Limited
  2. ^ The Emergence of Mr Fung King Hey
  3. ^ Arab Banking Corp BSC acquires Sun Hung Kai Bank Ltd from Allied Group Ltd
  4. ^ International Bank of Asia and Taipei Fubon Bank jointly launch a "2-Hour Fund Transfer Service" between Hong Kong and Taiwan Fund transfers within 2 hours, offer a more efficient, safe and reliable service
  5. ^ Fubon Bank (Hong Kong) Limited

See others[]

Retrieved from ""