Fubon Bank (Hong Kong)
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Fubon Bank (Hong Kong) Limited SEHK: 0636 is a licensed bank incorporated in Hong Kong. It is a subsidiary of Fubon Financial Holding Co., Ltd. of Taiwan. Before renaming to the present name on April 6, 2005, it was known as International Bank of Asia, more commonly known as IBA (Traditional Chinese: 港基銀行, formerly branded as 港基國際銀行).
[edit] History
Fubon Bank (Hong Kong) Limited was established as Sun Hung Kai Finance Company, the financing arm of Sun Hung Kai Securities. The name Sun Hung Kai Bank was adopted in 1982 when it received the multi-branch banking licence. Shareholders include the family of Fung King Hey (founder of Sun Hung Kai Securities), Banque Paribas and Merrill Lynch. In 1985, the Arab Banking Corporation (ABC) acquired 75% of the bank, and changed to its present name in 1986. In 1990, the ABC purchased the remaining 25%, and IBA became a wholly owned subsidiary until October 1993, when China Everbright Holdings acquired 20%. In November the same year, IBA was listed on the Hong Kong Stock Exchange.
In February 2004 Fubon Financial Holding Co., Ltd., a banking, insurance and securities institution, acquired the shares of the ABC and the China Everbright Group, and became a 75% shareholder.
After an approval at the annual general meeting 2005, it was officially renamed to its present name on April 6, 2005.
