Founded 1964 | ||
Parent organization Industrial and Commercial Bank of China Subsidiaries ICBC (Asia) Securities Limited | ||
Union Bank of Hong Kong (Former stock code: SEHK: 349)(Traditional Chinese: 香港友聯銀行) was a bank in Hong Kong. It now becomes Industrial and Commercial Bank of China (Asia) (Traditional Chinese: 中國工商銀行 (亞洲)).
The bank was established in Hong Kong in 1964 and was listed on the Hong Kong Stock Exchange in 1973. In 1984, due to negative rumours, bank run happened in the bank to cause a great drop in cash flow from HK$2.1 billion to HK$710 million. This caused the resignation of the bank's directors. In 1986, the British Hong Kong Government decided to "administratively" take over the bank. Chinese state owned China Merchants acquired the bank at the same year. In 2000, the bank was sold to the Industrial and Commercial Bank of China, the largest bank in China, and it was renamed to Industrial and Commercial Bank of China (Asia).