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DBS Bank (Hong Kong)
Encyclopedia
DBS Bank Limited , a subsidiary of DBS Bank
headquartered in Singapore
, is a licensed bank incorporated in Hong Kong
. It is the sixth largest bank in Hong Kong
as measured by assets.
in 1999 by acquiring Kwong On Bank
from Leung's family & Japanese-based Fuji Bank
(present Mizuho Corporate Bank
), and renamed it as DBS Kwong On Bank. It acquired Dao Heng Bank
(and its subsidiary Overseas Trust Bank
) in 2001 from Guoco Group
. The three banks were later merged under the trading name of DBS, and 星展銀行 in Chinese.
based in Hong Kong
. It merged with Dao Heng Bank on July 21, 2003, and the latter was renamed DBS Bank (Hong Kong) Limited. Before the acquisition by DBS
, the bank was named Kwong On Bank, and was a subsidiary of Japan
-based Fuji Bank
(present Mizuho Corporate Bank
).
, in Kowloon
, when the bank attempted to remove more than 900 empty safety box
es from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged. The bank has swiftly apologised to customers and offered a minimum of HK$150,000 of compensation. It has also promised a full investigation.
In 2009, the safe deposit box incident was portrayed on TVB
television series Born Rich
.
DBS Bank
DBS Bank Ltd is a bank incorporated in Singapore. It was previously known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank....
headquartered in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, is a licensed bank incorporated 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 is the sixth largest bank 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...
as measured by assets.
History
DBS started its operations in Hong KongHong 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...
in 1999 by acquiring Kwong On Bank
Kwong On Bank
Kwong On Bank Limited was a Hong Kong-based bank. It was established in 1935 and owned by Dr. Leung Ding Bong family, the President of the former Urban Council of Hong Kong, and Japan-based Fuji Bank. It is acquired and privatized by DBS Bank and renamed as DBS Kwong On Bank Limited in 1999...
from Leung's family & Japanese-based Fuji Bank
Fuji Bank
The was one of Japan's major banks during the post-World War II era. It combined with Dai-Ichi Kangyo Bank and the Industrial Bank of Japan in 2000 to form Mizuho Financial Group, and changed its name to Mizuho Corporate Bank in 2002 after transferring its retail banking operations to Mizuho...
(present Mizuho Corporate Bank
Mizuho Corporate Bank
, or MHCB, is the corporate and investment banking subsidiary of Mizuho Financial Group, the second-biggest Japanese financial services conglomerate...
), and renamed it as DBS Kwong On Bank. It acquired Dao Heng Bank
Dao Heng Bank
Dao Heng Bank Group Limited was a bank in Hong Kong and it had two subsidiaries before acquisition, Dao Heng Bank Limited and Overseas Trust Bank Limited....
(and its subsidiary Overseas Trust Bank
Overseas Trust Bank
Overseas Trust Bank Limited was a bank in Hong Kong. It was established in 1955 by Chang Ming Thien, a Malaysian businessman and it was listed on the Hong Kong Stock Exchange in 1972...
) in 2001 from Guoco Group
Guoco Group
Guoco Group Limited is an investment holding company. The principal activities of its subsidiaries and associated companies include investment and treasury management, property development and investment, stock and commodity broking, insurance, investment advisory, fund management as well as...
. The three banks were later merged under the trading name of DBS, and 星展銀行 in Chinese.
Kwong On Bank
DBS Kwong On Bank was a bankBank
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:...
based 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 merged with Dao Heng Bank on July 21, 2003, and the latter was renamed DBS Bank (Hong Kong) Limited. Before the acquisition by DBS
DBS Bank
DBS Bank Ltd is a bank incorporated in Singapore. It was previously known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank....
, the bank was named Kwong On Bank, and was a subsidiary of Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
-based Fuji Bank
Fuji Bank
The was one of Japan's major banks during the post-World War II era. It combined with Dai-Ichi Kangyo Bank and the Industrial Bank of Japan in 2000 to form Mizuho Financial Group, and changed its name to Mizuho Corporate Bank in 2002 after transferring its retail banking operations to Mizuho...
(present Mizuho Corporate Bank
Mizuho Corporate Bank
, or MHCB, is the corporate and investment banking subsidiary of Mizuho Financial Group, the second-biggest Japanese financial services conglomerate...
).
Mei Foo Branch Incident
On October 6, 2004, DBS Bank (Hong Kong) Limited announced that, during the renovation of its branch in Mei Foo Sun ChuenMei Foo Sun Chuen
Mei Foo Sun Chuen or simply Mei Foo is a large private housing estate in Lai Chi Kok , Kowloon, Hong Kong. Mei Foo Sun Chuen was the first private housing estate in Hong Kong and at the time of completion, the 99 tower complex was considered the largest private housing development in the world,...
, in Kowloon
Kowloon
Kowloon is an urban area in Hong Kong comprising the Kowloon Peninsula and New Kowloon. It is bordered by the Lei Yue Mun strait in the east, Mei Foo Sun Chuen and Stonecutter's Island in the west, Tate's Cairn and Lion Rock in the north, and Victoria Harbour in the south. It had a population of...
, when the bank attempted to remove more than 900 empty safety box
Safe deposit box
A safe deposit box or wrongly referred to as a safety deposit box is an individually-secured container, usually held within a larger safe or bank vault. Safe deposit boxes are generally located in banks, post offices or other institutions...
es from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged. The bank has swiftly apologised to customers and offered a minimum of HK$150,000 of compensation. It has also promised a full investigation.
In 2009, the safe deposit box incident was portrayed on TVB
Television Broadcasts Limited
Television Broadcasts Limited, commonly known as TVB, is the second over-the-air commercial television station in Hong Kong. It commenced broadcasting on 19 November 1967...
television series Born Rich
Born Rich (TV series)
Born Rich is a 2009 TVB television drama produced and created by Chong Wai-kin. The drama is promoted as TVB's "grand production", and largely features an ensemble cast, running for 39 episodes...
.
Subsidiaries
- DBS Asia Capital Limited
- DBS Asset Management (Hong Kong) Limited
- DBS Vickers Securities (Hong Kong) Limited
- DBS Vickers Securities (Singapore) Private Limited