International Bank of Asia
Encyclopedia
International Bank of Asia Limited or IBA (Former stock code: ) was acquired by Taiwan-based Fubon Group in 2004 and now operates under the name "Fubon Bank (Hong Kong) Limited" (富邦銀行(香港)有限公司). Prior to Fubon Group's acquisition of IBA, the primary shareholders of International Bank of Asia were Arab Banking Corporation (ABC) and China Everbright Group.
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 re-named 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.
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 BankSun Hung Kai Bank
Sun Hung Kai Bank , originally established as Sun Hung Kai Finance Company , was acquired in 1985 by Arab Banking Corporation and in 1986 Sun Hung Kai Bank was renamed International Bank of Asia...
was adopted in 1982, when it received a multi-branch banking license. The original Sun Hung Kai Bank shareholders included Banque Paribas, Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
, 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
Hong Kong Stock Exchange
The Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
.
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 re-named 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.
Timeline
- 1985: Arab Banking Corporation (ABC) acquired 75% of Sun Hung Kai Bank from Fung King HeyFung King HeyFung King Hey , was born in Guangzhou, mainland China. He is one of the founders of Sun Hung Kai & Co. and was reputed as “King of securities world” and “Godfather of the stock market”...
's family. - 1986: The bank was renamed International Bank of Asia (IBA).
- 1990: ABC purchased the remaining 25% and IBA became a wholly owned subsidiarySubsidiaryA subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of ABC. - 1993: China Everbright Holdings acquired a 20% stakes of IBA. And IBA was listed on the Hong Kong Stock ExchangeHong Kong Stock ExchangeThe Hong Kong Stock Exchange is a stock exchange located in Hong Kong. It is Asia's third largest stock exchange in terms of market capitalization behind the Tokyo Stock Exchange and the Shanghai Stock Exchange and fifth largest in the world...
. - 2004: TaiwanTaiwanTaiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
ese Fubon Financial Holding acquired a 55% stake of IBA from Arab Banking Corporation. Later it acquired China Everbright’s 20% and became a 75% shareholderShareholderA shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
of IBA. - 2005: The bank was renamed to Fubon Bank (Hong Kong) Limited.