Ming Tak Bank () was 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 ...

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 ...

. The bank was owned and managed by Poon Kai-kwong who was also involved in

construction Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and com ...

and

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, r ...

businesses. And Poon was very active in investing in the property boom in the early 1960s in Hong Kong. In January 1965, the bank was taken over by the

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 Briti ...

Government but it later went

bankrupt Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debt ...

as a result of heavy losses from its property investment. This led to a series of bank runs in other small and medium-sized banks, and eventually a

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 - ''especia ...

.Asia Money Markets
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References

{{reflist Defunct banks of Hong Kong Banks disestablished in 1965