History
International Bank of Asia (IBA) was originally established as Sun Hung Kai Finance Company, the financing arm of Sun Hung Kai Securities. The name Sun Hung Kai Bank 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 an 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 for IBA to adopt the Fubon name. On April 6, 2005, IBA was renamed 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.
Read more about this topic: International Bank Of Asia
Famous quotes containing the word history:
“To history therefore I must refer for answer, in which it would be an unhappy passage indeed, which should shew by what fatal indulgence of subordinate views and passions, a contest for an atom had defeated well founded prospects of giving liberty to half the globe.”
—Thomas Jefferson (1743–1826)
“The history of work has been, in part, the history of the worker’s body. Production depended on what the body could accomplish with strength and skill. Techniques that improve output have been driven by a general desire to decrease the pain of labor as well as by employers’ intentions to escape dependency upon that knowledge which only the sentient laboring body could provide.”
—Shoshana Zuboff (b. 1951)
“What you don’t understand is that it is possible to be an atheist, it is possible not to know if God exists or why He should, and yet to believe that man does not live in a state of nature but in history, and that history as we know it now began with Christ, it was founded by Him on the Gospels.”
—Boris Pasternak (1890–1960)