Union Bank of Hong Kong(Traditional Chinese: 香港友聯銀行) was a bank

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...

. It now becomes Industrial and Commercial Bank of China (Asia)

Industrial and Commercial Bank of China (Asia)

The Industrial and Commercial Bank of China , or more commonly known as ICBC is a licensed bank incorporated in Hong Kong...

 (Traditional Chinese: 中國工商銀行 (亞洲)).

The bank was established in Hong Kong in 1964 and 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 1973. In 1984, due to negative rumours

Rumours

Rumours is the eleventh studio album by British-American rock band Fleetwood Mac. Largely recorded in California during 1976, it was produced by the band with Ken Caillat and Richard Dashut and was released on 4 February 1977 by Warner Bros. Records. The record peaked at the top of both the...

, bank run

Bank run

A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...

 happened in the bank to cause a great drop in cash flow

Cash flow

Cash flow is the movement of money into or out of a business, project, or financial product. It is usually measured during a specified, finite period of time. Measurement of cash flow can be used for calculating other parameters that give information on a company's value and situation.Cash flow...

 from HK$2.1 billion to HK$710 million. This caused the resignation

Resignation

A resignation is the formal act of giving up or quitting one's office or position. It can also refer to the act of admitting defeat in a game like chess, indicated by the resigning player declaring "I resign", turning his king on its side, extending his hand, or stopping the chess clock...

 of the bank's directors

Board of directors

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

. In 1986, the British Hong Kong

British Hong Kong

British Hong Kong refers to Hong Kong as a Crown colony and later, a British dependent territory under British administration from 1841 to 1997.- Colonial establishment :...

 Government decided to "administratively" take over the bank. And China Merchants acquired the bank at the same year. In 2000, the bank was sold to the Industrial and Commercial Bank of China

Industrial and Commercial Bank of China

Industrial and Commercial Bank of China Ltd. is the largest bank in the world by profit and market capitalization. It is one China's 'Big Four' state-owned commercial banks .It was founded as a limited company on January 1, 1984...

, the largest bank in China

China

Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...

, and it was renamed to Industrial and Commercial Bank of China (Asia).