Fubon Bank (Hong Kong)

Fubon Bank (Hong Kong) Limited ((zh-t|t=富邦銀行(香港)有限公司 sehk|0636) is a licensed bank incorporated in Hong Kong. It is a subsidiary of Fubon Financial Holding Co., Ltd. of Taiwan. Before renaming to the present name on April 6 2005, it was known as International Bank of Asia, more commonly known as IBA (zh-t|t=港基銀行, formerly branded as zh-t|t=港基國際銀行).

History

Fubon Bank (Hong Kong) Limited was established as Sun Hung Kai Finance Company, the financing arm of Sun Hung Kai Securities. The name Sun Hung Kai Bank was adopted in 1982 when it received the multi-branch banking licence. Shareholders include the family of Fung King Hey (founder of Sun Hung Kai Securities), Banque Paribas and Merrill Lynch. In 1985, the Arab Banking Corporation (ABC) acquired 75% of the bank, and changed its name to IBA in 1986. In 1990, the ABC purchased the remaining 25%, and IBA became a wholly owned subsidiary until October 1993, when China Everbright Holdings acquired 20%. In November the same year, IBA was listed on the Hong Kong Stock Exchange.

In February 2004 Fubon Financial Holding Co., Ltd., a banking, insurance and securities institution, acquired the shares of the ABC and the China Everbright Group, and became a 75% shareholder.

After an approval at the annual general meeting 2005, it was officially renamed to its present name on April 6, 2005.

Fubon Bank 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 Standard & Poor's. The rating reflects Fubon Bank's strong capitalization, good liquidity and sound asset quality.

Timeline

1970 - Established as Sun Hung Kai Finance Company.

1982 - Sun Hung Kai Finance was renamed Sun Hung Kai Bank after receiving a multi-branch license.

1985 - Arab Banking Corporation ("ABC") acquired 75% of the Bank, and the Fung family retained 25%.

1986 - The Bank was renamed International Bank of Asia (IBA).

1990 - ABC purchased the remaining 25% and IBA became a wholly owned subsidiary of ABC until 1993.

October 1993 - China Everbright Holdings acquired a 20% shareholding of IBA. November 1993 - IBA listed on the Stock Exchange of Hong Kong.

November 1996 - IBA became the first bank in Hong Kong to receive a full rating from Standard and Poor's (S&P). Awarded A-3, BBB ratings by S&P.

Fubon Financial Holding Co., Ltd’s Major Shareholding Acquisition of IBA

December 2002 - IBA’s controlling shareholder Arab Banking Corporation announced a possible disposal of its stake in IBA.

September 2003 - Fubon Financial Holding Co., Ltd. proposed to acquire the whole of the issued share capital of IBA.

February 2004 - Fubon Financial Holding Co., Ltd. acquired a 55% stake in IBA from Arab Banking Corporation.

March 2004 - Fubon Financial Holding Co., Ltd made a general offer to acquire the remaining stakes in IBA, namely the 20% shareholding of the China Everbright Group and 25% from public shareholders.

April 2004 - Fubon Financial Holding Co., Ltd. acquired China Everbright’s 20% and became a 75% shareholder of IBA.

April 6, 2005 - The Bank changed its name to Fubon Bank (Hong Kong) Limited.

September 6, 2005 - Standard and Poor’s upgraded the Bank’s credit ratings from long term BBB and short term A3 to BBB+ and A2 respectively.

ee also

*List of banks in Hong Kong

External links

* [http://www.fubonbank.com.hk/web/html/index_e.html Fubon Bank (Hong Kong) Official website]
* [http://www.taipeifubon.com.tw/ Taipei Fubon Bank Official website]
* [http://www.fubongroup.com.tw/index.htm/ Fubon Financial Group]