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]
^ICBC Acquires HK Union Bank, 20 April 2000, People's Daily.
^招商局拯救香港友联银行 (Chinese Version)
^China Merchants Archived 2009-01-06 at the Wayback Machine
^ICBC Formally Purchases Union Bank of Hong Kong, 18 July 2000, People's Daily
^HK Union Bank Gets New Name, 23 August 2000, People's Daily
and 23 Related for: Union Bank of Hong Kong information
HongKong maintains a three-tier system of deposit-taking institutions, i.e. licensed banks, restricted licence banks and deposit-taking companies. They...
Chartered HongKong (officially Standard Chartered Bank (HongKong) Limited, Chinese: 渣打銀行(香港)有限公司) is a licensed bank incorporated in HongKong and a subsidiary...
Standard Chartered Bank and Bankof China. The official reserves ofHongKong and the banking system are important underpinnings of the linked exchange...
(AUA). HSBC traces its origin to a hong trading house in British HongKong. The bank was established in 1865 in HongKong and opened branches in Shanghai...
handover ofHongKong from the United Kingdom to the People's Republic of China was at midnight on 1 July 1997. This event ended 156 years of British rule...
HongKong is a special administrative region of the People's Republic of China. With 7.4 million residents of various nationalities in a 1,104-square-kilometre...
market. Its currency, called the HongKong dollar, is legally issued by three major international commercial banks, and is pegged to the US dollar. Interest...
The HongKong Sevens (Chinese: 香港國際七人欖球賽) is a rugby sevens tournament held annually in HongKong on a weekend in late March or early April. Considered...
the UnionBankofHongKong and renamed it ICBC (Asia). A HongKong-listed entity, ICBC (Asia) then purchased the HongKong subsidiary of Fortis Bank, originally...
HongKong was a colony and later a dependent territory of the United Kingdom from 1841 to 1997, apart from a period of Japanese occupation from 1941 to...
Nanyang Commercial Bank (NCB, Chinese: 南洋商業銀行) is a bank based in HongKong and a wholly owned subsidiary of China Cinda Asset Management (Cinda), with...
HongKong independence is the notion ofHongKong as a sovereign state, independent from the People's Republic of China (PRC). HongKong is a special administrative...
HongKong, numbering 102,100, form the second-largest ethnic minority group in the territory, behind Filipinos. Most Indonesians coming to HongKong today...
HongKong has over 9,000 high-rise buildings, of which over 4,000 are skyscrapers standing taller than 100 m (328 ft) with 554 buildings above 150 m (492 ft)...
Basic Law, the HongKong Special Administrative Region is exclusively in charge of its internal affairs, whilst the central government of China is responsible...
The Shanghai Commercial Bank (SCB; Chinese: 上海商業銀行) is an international bank based in HongKong. Its subsidiary companies offer banking and financial...
The region ofHongKong has been inhabited since the Old Stone Age, later becoming part of the Chinese Empire with its loose incorporation into the Qin...
The 1967 HongKong riots were large-scale anti-government riots that occurred in HongKong during British colonial rule. Beginning as a minor labour dispute...