Far East Bank

Far East Bank (Chinese: 遠東銀行) was a bank in Hong Kong. It is now merged to Bank of East Asia.

It was founded in 1959 by Mr. Deacon Chiu (Chinese: 邱德根), the founder of Far East Holdings. It is started as a small bank in Tsuen Wan by collecting deposits from farmers.[1] In 1960s, it suffered heavily from heavy lending to property sector and fraud. In 1965, bank runs happened in several small and medium banks in Hong Kong, which finally triggered off stock market crash in 1965. Ordered by 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 Bank of East Asia.[4] In 2002, the bank was merged to Bank of East Asia.[5]

References

  1. ↑ History of Far East Holdings
  2. ↑ Hong Kong as an International Financial Centre
  3. ↑ 25-year history of First Pacific Group
  4. ↑ The Bank of East Asia Limited
  5. ↑ BANK OF EAST ASIA MERGES WITH FIRST PACIFIC BANK
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