Chiyu Banking Corporation Limited also known as Chiyu Bank is a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

incorporated in

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

History

It was founded by

Tan Kah Kee Tan Kah Kee (; 21 October 1874 – 12 August 1961) was a Chinese businessman, investor, and philanthropist active in Singapore and the Chinese cities of Hong Kong, Shanghai, Xiamen, and Guangzhou. A prominent figure in the overseas Chinese c ...

on 15 July 1947, and it has 23 branches in Hong Kong and focuses on serving the community of

Fujianese people in Hong Kong Hong Kong people of Fujianese origin. Also known as Hoklo (although this term in many contexts also encompasses Chiu Chow people). North Point has a prominent Fujianese community. During the Hong Kong protests there were rumors of armed gangs from ...

. Chiyu was explicitly created by Chen to create a sustainable business with profits to be devoted to education in

Xiamen Xiamen ( , ; ), also known as Amoy (, from Hokkien pronunciation ), is a sub-provincial city in southeastern Fujian, People's Republic of China, beside the Taiwan Strait. It is divided into six districts: Huli, Siming, Jimei, Tong'an, ...

and the rest of Fujian province in

China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

. Since its founding, it has spent more than HK$1 billion in education in the province, primarily through funding

Jimei University Jimei University (JMU) (, Pinyin: , POJ: ), colloquially known as "Jídà" (), is a public university in Xiamen, Fujian, People's Republic of China.It offers doctorate degree programs. It is authorized to enroll postgraduate candidates exempt from ...

and its related schools.

Ownership

Bank of China (Hong Kong) Bank of China (Hong Kong) Limited () also known as its short name Bank of China (Hong Kong) or BOCHK (), is a subsidiary of the Bank of China (via a Hong Kong-listed intermediate holding company BOC Hong Kong (Holdings)). Bank of China (Hong K ...

gradually accumulated a 70% stake in Chiyu in the 1970s; the rest of the bank is held by the

foundation, the government of

Municipality City and minority shareholders. On 27 March 2017, Bank of China (Hong Kong) disposed of all of its 70.49% of interests in Chiyu., selling most of it to Xiamen International Investment Limited, a wholly owned subsidiary of Xiamen International Bank Co. Ltd, and part of it (6.18% of Chiyu) to the Committee of Jimei Schools.

References

External links

* Banks of Hong Kong Banks established in 1947 Bank of China 1947 establishments in Hong Kong {{Asia-bank-stub