Fubon Bank (Hong Kong) Limited ("Fubon Bank") is a wholly owned subsidiary of Fubon Financial Holding Co., Ltd. (“Fubon Financial Holdings”), one of the largest financial holding companies in

Taiwan Taiwan, officially the Republic of China (ROC), is a country in East Asia. The main geography of Taiwan, island of Taiwan, also known as ''Formosa'', lies between the East China Sea, East and South China Seas in the northwestern Pacific Ocea ...

. Committed to becoming one of Asia’s first-class financial institutions, Fubon Financial Holdings has built a strong lineup of financial service companies. Fubon Bank currently operates 15 branches, 3 SME Banking Services Centres, 1 Offshore Banking Centre and 1 Securities Services Centre in Hong Kong, providing a wide range of financial services encompassing consumer and wholesale banking, wealth management, financial markets, securities brokerage and investment services. Fubon Bank 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.

History

Sun Hung Kai Bank (), originally established as ''Sun Hung Kai Finance Company'' (the financing arm of Sun Hung Kai Securities). The original Sun Hung Kai Bank shareholders included Banque Paribas,

Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...

, and the family of

Fung King Hey Fung King Hey (1922–1985), was a Hong Kong businessman. He was born in Guangzhou, mainland China. He is the co-founder of Hong Kong–based Sun Hung Kai & Co. and was reputed as "King of securities world" and "Godfather of the stock market". ...

(founder of Sun Hung Kai Securities). In 1985, Ahmet D. Arsan, Asia Head of

Arab Banking Corporation Arab Banking Corporation (also called Bank ABC) is an international bank with headquarters in the Diplomatic Area of Manama, Bahrain. It was incorporated as a joint stock company in 1980 through a special decree by the Amir of Bahrain. It obtai ...

(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

First Chicago First most commonly refers to: * First, the ordinal form of the number 1 First or 1st may also refer to: Acronyms * Faint Images of the Radio Sky at Twenty-Centimeters, an astronomical survey carried out by the Very Large Array * Far Infrared a ...

(now JP Morgan 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, ). 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 China Everbright Group is a Chinese state-owned enterprise. Everbright Group was a subsidiary (55.67 percent) of Central Huijin Investment. The Ministry of Finance of China owned the rest of the stake, which Central Huijin acquired on 8 December ...

became a 20% stake holder. In November 1990, IBA was listed on the

Hong Kong Stock Exchange The Stock Exchange of Hong Kong (, SEHK, also known as Hong Kong Stock Exchange) is a stock exchange based in Hong Kong. It is one of the largest stock exchanges in Asia and the List of major stock exchanges, 9th largest globally by market ...

. 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 6 April 2005, IBA was renamed Fubon Bank (Hong Kong) Limited. In November 2024, the

Hong Kong Monetary Authority The Hong Kong Monetary Authority (HKMA) is the central bank, central banking institution of Hong Kong. It is a government authority founded on 1 April 1993 when the Office of the Exchange Fund and the Office of the Commissioner of Banking merge ...

imposed a HKD$4 million penalty on Fubon Bank (Hong Kong) Limited for violating the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The penalty was issued for FBHK's failure to establish effective transaction monitoring procedures and conduct appropriate scrutiny of customer transactions.

Timeline

*1970: Founded by Mr. Fung King Hey, one of the founders of Sun Hung Kai & Co. Limited. *1979: Listed on the

. *1978:

BNP Paribas BNP Paribas (; sometimes referred to as BNPP or BNP) is a French multinational universal bank and financial services holding company headquartered in Paris. It was founded in 2000 from the merger of two of France's foremost financial instituti ...

became the

shareholder A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the ...

of the bank. *1980:

became the shareholder of the bank. *1983:

Bank run A bank run or run on the bank occurs when many Client (business), clients withdraw their money from a bank, because they believe Bank failure, the bank may fail in the near future. In other words, it is when, in a fractional-reserve banking sys ...

happened in the bank after the burst of Hong Kong

real estate bubble A real-estate bubble or property bubble (or housing bubble for Residential area, residential markets) is a type of economic bubble that occurs periodically in local or global real estate markets, and it typically follows a land boom or reduced in ...

and the fear of Hong Kong handover from Britain to China. *1985:

paid HK$359.72 million to acquire the bank from Fung. *1986: Renamed to

International Bank of Asia International is an adjective (also used as a noun) meaning "between nations". International may also refer to: Music Albums * ''International'' (Kevin Michael album), 2011 * ''International'' (New Order album), 2002 * ''International'' (The T ...

(IBA). *2004: Fubon Financial Holding of

acquired IBA. *2005: International Bank of Asia was renamed to ''Fubon Bank (Hong Kong) Limited''.Fubon Bank (Hong Kong) Limited
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References

External links

Fubon Bank (Hong Kong) LimitedFubon Financial Holding Co., Ltd.
{{Banks of Hong Kong Banks established in 2005 Banks of Hong Kong Companies formerly listed on the Hong Kong Stock Exchange