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Far East Bank
Far East Bank was a bank in Hong Kong which has since merged into Bank of East Asia. Far East Bank was founded in 1959 by Mr. Deacon Chiu (), the founder of Far East Holdings. It started as a qianzhuang (native bank) in Tsuen Wan by collecting deposits from farmers. In the 1960s, it suffered heavily from heavy lending to property sector and fraud. In 1965, bank runs occurred in several small and medium banks in Hong Kong, which eventually triggered the stock market crash in 1965. By order of the British Hong Kong government, the bank was aided by The Hongkong and Shanghai Banking Corporation until it was acquired by Citibank, First National City Bank in 1969. In 1992, the bank was acquired by First Pacific and merged to Hong Nin Savings Bank to form First Pacific Bank. In 2000, First Pacific Bank was acquired by the Bank of East Asia. In 2002, the bank was merged into Bank of East Asia. References {{Authority control Defunct banks of Hong Kong Bank of East Asia Banks est ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hong Nin Savings Bank
Hong Nin Savings Bank (Traditional Chinese: 康年儲蓄銀行) was a bank in Hong Kong, founded in 1921. 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. References * Feng, Bangyan; (2002). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. . Defunct banks of Hong Kong Bank of East Asia Banks established in 1921 Banks disestablished in 1986 {{asia-bank-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Runs
A bank run or run on the bank occurs when many clients withdraw their money from a bank, because they believe the bank may cease to function in the near future. In other words, it is when, in a fractional-reserve banking system (where banks normally only keep a small proportion of their assets as cash), numerous customers withdraw cash from deposit accounts with a financial institution at the same time because they believe that the financial institution is, or might become, insolvent; they keep the cash or transfer it into other assets, such as government bonds, precious metals or gemstones. When they transfer funds to another institution, it may be characterized as a capital flight. As a bank run progresses, it may become a self-fulfilling prophecy: as more people withdraw cash, the likelihood of default increases, triggering further withdrawals. This can destabilize the bank to the point where it runs out of cash and thus faces sudden bankruptcy. To combat a bank run, a bank m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defunct Banks Of Hong Kong
{{Disambiguation ...
Defunct (no longer in use or active) may refer to: * ''Defunct'' (video game), 2014 * Zombie process or defunct process, in Unix-like operating systems See also * * :Former entities * End-of-life product * Obsolescence Obsolescence is the state of being which occurs when an object, service, or practice is no longer maintained or required even though it may still be in good working order. It usually happens when something that is more efficient or less risky r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
First Pacific
First Pacific Company Limited () is a Hong Kong-based investment management and holding company with operations located in Asia. It involves telecommunications, consumer food products and infrastructure. History * 1981: First Pacific Finance Limited was founded as a financial services provider in Hong Kong. (deposit-taking company or aka finance house). Start-up capital was HK$7 million (US$0.9 million) with a total staff of six (6) in a 500 square feet (50 square meters) office in Central, Hong Kong. Original name was Overseas Union Finance Limited (OUF) * 1982–1987: Acquired Hibernia Bank in San Francisco, a controlling interest in Hagemeyer, the Netherlands, invested in Berli Jucker in Thailand, First Pacific Davies in Hong Kong, United Savings Bank in California, Hong Nin Bank in Hong Kong and founded Metro Pacific Corporation in the Philippines * 1988: First Pacific Holdings and First Pacific International merged to form the currently listed First Pacific Company. (usin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Citibank
Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City Bank of New York. The bank has 2,649 branches in 19 countries, including 723 branches in the United States and 1,494 branches in Mexico operated by its subsidiary Banamex. The U.S. branches are concentrated in six metropolitan areas: New York, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. It was founded as City Bank of New York and became National City Bank of New York. It has had an important role in war bonds. It has had a role in international events including the U.S. invasion of Haiti. History Early history The City Bank of New York was founded on June 16, 1812. The first president of the City Bank was the statesman and retired Colonel, Samuel Osgood. After Osgood's death in August 1813, William Few beca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Hongkong And Shanghai Banking Corporation
The Hongkong and Shanghai Banking Corporation Limited (), commonly known as HSBC (), was the parent entity of the multinational HSBC banking group until 1991, and is now its Hong Kong-based Asia-Pacific subsidiary. The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar. The Hongkong and Shanghai Bank was established in British Hong Kong in 1865 and was incorporated as The Hongkong and Shanghai Banking Corporation in 1866, and has been based in Hong Kong (although now as a subsidiary) ever since. It was "The Hongkong and Shanghai Banking Corporation Limited" in 1989. It is the founding member of the HSBC group of banks and companies, and, since 1990, is the namesake and one of the leading subsidiaries of the London-based HSBC Holdings PLC. The company's busi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Hong Kong
Hong Kong was a colony and later a dependent territory of the British Empire from 1841 to 1997, apart from a period of occupation under the Japanese Empire from 1941 to 1945 during the Pacific War. The colonial period began with the British occupation of Hong Kong Island in 1841, during the First Opium War between the British and the Qing dynasty. The Qing had wanted to enforce its prohibition of opium importation within the dynasty that was being exported mostly from British India, as it was causing widespread addiction among its populace. The island was ceded to Britain by the Treaty of Nanking, ratified by the Daoguang Emperor in the aftermath of the war of 1842. It was established as a crown colony in 1843. In 1860, the British took the opportunity to expand the colony with the addition of the Kowloon Peninsula after the Second Opium War, while the Qing was embroiled in handling the Taiping Rebellion. With the Qing further weakened after the First Sino-Japanese Wa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market Crash
A stock market crash is a sudden dramatic decline of stock In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ... prices across a major cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic selling and underlying economic factors. They often follow speculation and economic bubbles. A stock market crash is a social phenomenon where external economic events combine with crowd psychology in a positive feedback loop where selling by some market participants drives more market participants to sell. Generally speaking, crashes usually occur under the following conditions: a prolonged period of rising stock prices (a Market trend#Market terminology, bull market) and excessive economic optimism, a market where price–earnings ratios exce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property
Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, redefine, rent, mortgage, pawn, sell, exchange, transfer, give away or destroy it, or to exclude others from doing these things, as well as to perhaps abandon it; whereas regardless of the nature of the property, the owner thereof has the right to properly use it under the granted property rights. In economics and political economy, there are three broad forms of property: private property, public property, and collective property (also called cooperative property). Property that jointly belongs to more than one party may be possessed or controlled thereby in very similar or very distinct ways, whether simply or complexly, whether equally or unequally. However, there is an expectation that each party's will (rather discretion) with rega ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 (FPB Bank Holdco). Its headquarters were in the First Pacific Bank Centre in Wan Chai.Company Profile " First Pacific Bank. 22 November 2000. . " First Pacific Bank Limited. 17 June 2000. "Principal Office: 22/F, First Pacific Bank Centre 56 Gloucester Road Hong Kong" The company's major shareholders were First Pacific Company Limited (FP Company) and MIMET FOTIC Investment Limited (MIMET FOTIC). The company was incorporated in |
Farmers
A farmer is a person engaged in agriculture, raising living organisms for food or raw materials. The term usually applies to people who do some combination of raising field crops, orchards, vineyards, poultry, or other livestock. A farmer might own the farm land or might work as a laborer on land owned by others. In most developed economies, a "farmer" is usually a farm owner ( landowner), while employees of the farm are known as ''farm workers'' (or farmhands). However, in other older definitions a farmer was a person who promotes or improves the growth of plants, land or crops or raises animals (as livestock or fish) by labor and attention. Over half a billion farmers are smallholders, most of whom are in developing countries, and who economically support almost two billion people. Globally, women constitute more than 40% of agricultural employees. History Farming dates back as far as the Neolithic, being one of the defining characteristics of that era. By the Bronze Age, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Deposits
A deposit account is a bank account maintained by a financial institution in which a customer can deposit and withdraw money. Deposit accounts can be savings accounts, Transaction account#Current accounts, current accounts or any of several other types of accounts explained below. Transactions on deposit accounts are recorded in a bank's books, and the resulting balance is recorded as a Liability (accounting), liability of the bank and represents an amount owed by the bank to the customer. In other words, the banker-customer (depositor) relationship is one of debtor-creditor. Some banks charge fees for transactions on a customer's account. Additionally, some banks pay customers Interest (finance), interest on their account balances. Types of accounts * How banking works In banking, the verbs "deposit" and "withdraw" mean a customer paying money into, and taking money out of, an account, respectively. From a legal and financial accounting standpoint, the noun "deposit" is used ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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