History
The opening of a branch of the Bank of China in Hong Kong in 1917 marked the entry of state-owned Chinese banks into the then colony's banking sector. Other banks soon followed suit, starting with Yien Yieh Commercial Bank in 1918.
By the time the People's Republic of China was established in 1949, there were 15 branches of state owned Chinese banks in Hong Kong, plus branches of nine Mainland-incorporated banks that were public-private joint ventures, namely:
- Sin Hua Bank Limited (SHB)
- China & South Sea Bank Limited (CSSB)
- Kincheng Banking Corporation (KBC)
- China State Bank Limited (CSBL)
- The National Commercial Bank Limited (TNCB)
- The Yien Yieh Commercial Bank Limited (YYCB)
- Young Brothers Banking Corporation
- Wo Sang Bank
- National Industrial Bank of China
In addition, the Chinese government established Po Sang Bank in 1949 and Nanyang Commercial Bank in 1950. Both of these were incorporated in Hong Kong.
Read more about this topic: Bank Of China Group
Famous quotes containing the word history:
“All objects, all phases of culture are alive. They have voices. They speak of their history and interrelatedness. And they are all talking at once!”
—Camille Paglia (b. 1947)
“There is one great fact, characteristic of this our nineteenth century, a fact which no party dares deny. On the one hand, there have started into life industrial and scientific forces which no epoch of former human history had ever suspected. On the other hand, there exist symptoms of decay, far surpassing the horrors recorded of the latter times of the Roman empire. In our days everything seems pregnant with its contrary.”
—Karl Marx (1818–1883)
“A poet’s object is not to tell what actually happened but what could or would happen either probably or inevitably.... For this reason poetry is something more scientific and serious than history, because poetry tends to give general truths while history gives particular facts.”
—Aristotle (384–323 B.C.)