The Union Bank of Hong Kong (Former stock code: )(

Traditional Chinese A tradition is a belief or behavior (folk custom) passed down within a group or society with symbolic meaning or special significance with origins in the past. A component of cultural expressions and folklore, common examples include holidays ...

: 香港友聯銀行) 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 Delta i ...

. It became the Industrial and Commercial Bank of China (Asia) (

: 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 in 1973. In 1984, due to negative rumours, there was a bank run causing a great drop in cash flow from HK$2.1 billion to HK$710 million. This resulted in the

resignation Resignation is the formal act of leaving or quitting one's office or position. A resignation can occur when a person holding a position gained by election or appointment steps down, but leaving a position upon the expiration of a term, or choos ...

of the bank's board of directors. In 1986, the British Hong Kong Government decided to "administratively" take over the bank. Chinese state-owned China Merchants Group acquired the bank in the same year. In 2000, the bank was sold to the Industrial and Commercial Bank of China, the largest bank in China, and it was renamed to Industrial and Commercial Bank of China (Asia).HK Union Bank Gets New Name
23 August 2000, People's Daily

References

{{reflist Industrial and Commercial Bank of China Banks established in 1964 1964 establishments in Hong Kong Companies formerly listed on the Hong Kong Stock Exchange Banks disestablished in 2000 Defunct banks of Hong Kong China Merchants