Bank of Canton
Encyclopedia
Bank of Canton was the first Chinese-owned bank in Hong Kong
. At the time, all the other banks in Hong Kong were foreign, primarily British, including the locally incorporated but British-run Hongkong and Shanghai Banking Corporation
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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...
. At the time, all the other banks in Hong Kong were foreign, primarily British, including the locally incorporated but British-run Hongkong and Shanghai Banking Corporation
Hongkong and Shanghai Banking Corporation
The Hongkong and Shanghai Banking Corporation Limited is a prominent bank established and based in Hong Kong since 1865 when Hong Kong was a colony of the British Empire. It is the founding member of the HSBC Group and since 1990 is now a wholly owned subsidiary of HSBC Holdings plc...
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- 1912 Several Chinese residents of the US, including members of the Fok family, founded the Bank of Canton (BoC).
- 1921 BoC established a branch in BangkokBangkokBangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
. - 1922 BoC established a branch in New YorkNew YorkNew York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
. - 1931 BoC closed the New York branch.
- 1935 BoC failed. At the time it had branches in San Francisco, BangkokBangkokBangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
, ShanghaiShanghaiShanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
, CantonGuangzhouGuangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
and Hankow. - 1936 Dr. T.V. Soong reorganized BoC and it reopened. The Bank of Canton incorporated a subsidiary on July 1, 1936 in MacauMacauMacau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
, making it one of the longest established banks in MacauMacauMacau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
. - 1939 The government of Siam (ThailandThailandThailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
), during an outreak of widespread anti-Chinese feeling, closed the local branch of Oversea-Chinese Banking CorporationOversea-Chinese Banking CorporationThe Oversea-Chinese Banking Corporation Limited , abbreviated as OCBC Bank , is a publicly listed financial services organisation with its head office in Singapore. OCBC Bank is one of Singapore's leading local banks, with group assets of more than 224 billion SGD. It has one of the highest bank...
and the branches of BoC, charging the banks with facilitating illegal remittances by Chinese residents.
- 1953 BoC opened a branch in SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. - 1968 By this time, BoC had already established branches in Malaysia and re-enteredThailandThailandThailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
. - 1971 Security Pacific National Bank (SPNB) bought 69% of BoC.
- 1978 SPNB tried to acquire the remaining shares but talks broke down.
- 1979 BoC had nine licensed branches in HK and one each in Bangkok, Thailand, Kuala LumpurKuala LumpurKuala Lumpur is the capital and the second largest city in Malaysia by population. The city proper, making up an area of , has a population of 1.4 million as of 2010. Greater Kuala Lumpur, also known as the Klang Valley, is an urban agglomeration of 7.2 million...
and Singapore. In addition, it owned a banking subsidiary in Macau. - 1984 The boards of SPNB and BoC announced that SPNB wanted to acquire the ordinary and preference shares of the Bank of Canton it did not already own. The agreement stipulated that the management of Bank of Canton would remain in place and that Russell Fok would continue as chairman of the board. Furthermore, a company associated with Fok would be entitled, upon completion of the acquisition, to purchase a limited equity position in BoC. SPNB agreed to pay $59.31 per share for the 714,128 common shares (31%) that it did not already own for a total cost of about $42 million.
- 1988 SPNB completed the acquisition of Bank of Canton and renamed it Security Pacific Asian Bank.
- 1992 Bank of AmericaBank of AmericaBank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
acquired Security Pacific Corporation and in 1993 changed Security Pacific Asian Bank’s name to Bank of America (Asia)Bank of America (Asia)China Construction Bank Corporation Limited is a licensed bank incorporated in Hong Kong.-History:...
. - 1994 Arab-Malaysian Bank acquired Security Pacific Asian Bank operations in Malaysia.
- 2006 China Construction BankChina Construction BankChina Construction Bank is one of the 'big four' banks in the People's Republic of China. To date, it is ranked as the nation's second largest and the second largest bank in the world by market capitalization and 12th largest company in the world. The bank has approximately 13,629 domestic branches...
acquired Bank of America (Asia)Bank of America (Asia)China Construction Bank Corporation Limited is a licensed bank incorporated in Hong Kong.-History:...
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