Ka Wah Bank
Encyclopedia
Ka Wah Bank Limited (Former stock code: ) was a bank
in Hong Kong
. It was acquired by CITIC International Financial Holdings and renamed as CITIC Ka Wah Bank Limited (Traditional Chinese: 中信嘉華銀行有限公司)(In May 2010, CITIC Ka Wah Bank Limited was renamed as CITIC Bank International Limited(Traditional Chinese: 中信銀行國際有限公司)).
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Hong Kong
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 was acquired by CITIC International Financial Holdings and renamed as CITIC Ka Wah Bank Limited (Traditional Chinese: 中信嘉華銀行有限公司)(In May 2010, CITIC Ka Wah Bank Limited was renamed as CITIC Bank International Limited(Traditional Chinese: 中信銀行國際有限公司)).
History
- 1922: Ka Wah Ngan Ho (Traditional Chinese: 嘉華銀號) was founded in GuangzhouGuangzhouGuangzhou , 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...
by Dr. Lam Chi Fung, the founding presidentPresidentA president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
of Hong Kong Baptist College. Its name, Ka Wah, was derived from the names of Ka Nam Tong and Nam Wah Company. - 1924: Ka Wah Savings Bank Limited (Traditional Chinese: 嘉華儲蓄銀行有限公司) was founded in Hong Kong. Ka Wah Ngan Ho in Guangzhou then became Ka Wah Savings Bank Limited, Guangzhou Branch.
- 1926: Ka Wah Savings Bank Limited was renamed as Ka Wah Bank Public Limited Company (Traditional Chinese: 嘉華銀行公眾有限公司).
- 1931: 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...
branch was established. - 1935: Branches in Shanghai and Guangzhou were closed down.
- 1945: It reopened in Hong Kong.
- 1949: It was renamed as Ka Wah Bank Limited.
- 1974: C.S. Low (Low Chung Song 刘灿松), a Singapore businessman and banker, led takeover of Ka Wah Bank in December 1974 from a group of U.S. investors. He became the bank's largest shareholder.
- 1980: It was listed on the Hong Kong Stock ExchangeHong Kong Stock ExchangeThe 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...
. Underwritten by Chase Manhattan Asia. - 1986: Ka Wah Bank suffered from financial difficulties, and CITIC Group injected HK$350 million capital into the bank.
- 1998: Ka Wah Bank was renamed as CITIC Ka Wah Bank Limited.
- 2002: CITIC Ka Wah Bank was privatized by CITIC International Financial Holdings and it became a whole-owned subsidiarySubsidiaryA subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of CITIC International Financial Holdings.