Far East Bank

Far East Bank
遠東銀行
Merged intoHong Nin Savings Bank
SuccessorFirst Pacific Bank
Formation1959
FounderDeacon Chiu (邱德根)
Founded atTsuen Wan,  British Hong Kong
Dissolved1992
TypeBank
Legal statusDefunct
Far East Bank
Traditional Chinese遠東銀行

Far East Bank was a bank in Hong Kong which has since merged into Bank of East Asia.

Far East Bank was founded in 1959 by Mr. Deacon Chiu (邱德根), the founder of Far East Holdings. It started as a qianzhuang (native bank) in Tsuen Wan by collecting deposits from farmers.[1] In the 1960s, it suffered heavily from heavy lending to property sector and fraud. In 1965, bank runs occurred in several small and medium banks in Hong Kong, which eventually triggered the stock market crash in 1965. By order of the British Hong Kong government, the bank was aided by The Hongkong and Shanghai Banking Corporation until it was acquired by First National City Bank in 1969.[2] In 1992, the bank was acquired by First Pacific and merged to Hong Nin Savings Bank to form First Pacific Bank.[3]

In 2000, First Pacific Bank was acquired by the Bank of East Asia.[4] In 2002, the bank was merged into Bank of East Asia.[5]

References

  1. ^ "History of Far East Holdings". Archived from the original on 23 March 2009. Retrieved 9 March 2009.
  2. ^ Hong Kong as an International Financial Centre
  3. ^ 25-year history of First Pacific Group Archived 1 December 2008 at the Wayback Machine
  4. ^ The Bank of East Asia Limited
  5. ^ BANK OF EAST ASIA MERGES WITH FIRST PACIFIC BANK[dead link]