Fubon Bank (Hong Kong)
Encyclopedia
Fubon Bank Limited ( ) is a licensed bank incorporated in Hong Kong
. It is a subsidiary of Fubon Financial Holding Co., Ltd. of Taiwan
. Prior to adopting the Fubon brand on April 6, 2005, the organization was known as International Bank of Asia, more commonly known as IBA .
was adopted in 1982, when it received a multi-branch banking license. 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 a well-known and highly 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 (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 Holdings 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 a movement for IBA to adopt the Fubon name. On April 6, 2005, IBA was re-named 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.
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.
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It is a subsidiary of Fubon Financial Holding Co., Ltd. of Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
. Prior to adopting the Fubon brand on April 6, 2005, the organization was known as International Bank of Asia, more commonly known as IBA .
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 BankSun Hung Kai Bank
Sun Hung Kai Bank , originally established as Sun Hung Kai Finance Company , was acquired in 1985 by Arab Banking Corporation and in 1986 Sun Hung Kai Bank was renamed International Bank of Asia...
was adopted in 1982, when it received a multi-branch banking license. The original Sun Hung Kai Bank shareholders included Banque Paribas, Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, 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 a well-known and highly 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 (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 Holdings became a 20% stake holder. In November 1990, IBA was listed on the Hong Kong Stock Exchange
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
.
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 a movement for IBA to adopt the Fubon name. On April 6, 2005, IBA was re-named 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
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.