Hong Nin Savings Bank
Encyclopedia
Hong Nin Savings Bank was a bank
in Hong Kong
, founded in the 1930s. The bank went into administration in September 1986 following defaults on several loans related to shipping
, and was taken over by the colonial Government of Hong Kong
.
Hong Nin was subsequently acquired by First Pacific
and became known as First Pacific Bank
, now a part of the Bank of East Asia
.
Bank
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:...
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...
, founded in the 1930s. The bank went into administration in September 1986 following defaults on several loans related to shipping
Shipping
Shipping has multiple meanings. It can be a physical process of transporting commodities and merchandise goods and cargo, by land, air, and sea. It also can describe the movement of objects by ship.Land or "ground" shipping can be by train or by truck...
, and was taken over by the colonial Government of Hong Kong
Government of Hong Kong
The Government of the Hong Kong Special Administrative Region of the People's Republic of China, commonly the Hong Kong Government, is led by the Chief Executive as Head of the Government, who is also the head of the Hong Kong SAR...
.
Hong Nin was subsequently acquired by First Pacific
First Pacific
First Pacific Company Limited is a Hong Kong-based investment and management company with operations located in Asia. It involves telecommunications, consumer food products and infrastructure. Its chairman is Anthoni Salim , an Indonesian Chinese entrepreneur....
and became known as First Pacific Bank
First Pacific Bank
First Pacific Bank Limited was a bank based in Hong Kong. It was a wholly owned subsidiary of the investment holding company FPB Bank Holding Company Limited...
, now a part of the Bank of East Asia
Bank of East Asia
The Bank of East Asia Limited often abbreviated to BEA, is the largest independent local bank and the third largest bank in Hong Kong. Its chairman and chief executive is Sir David Li...
.