TheUnion Bank of Hong Kong (Former stock code:SEHK: 349)(Traditional Chinese: 香港友聯銀行) was abank inHong Kong. It became theIndustrial and Commercial Bank of China (Asia) (Traditional Chinese: 中國工商銀行 (亞洲)).
The bank was established in Hong Kong in 1964 and was listed on theHong Kong Stock Exchange in 1973.[1]
In 1984, due to negativerumours, there was abank run causing a great drop incash flow from HK$2.1 billion to HK$710 million. This resulted in theresignation of the bank'sboard of directors.[citation needed]
In 1986, theBritish Hong Kong Government decided to "administratively" take over the bank.[2] Chinese state-ownedChina Merchants Group acquired the bank in the same year.[3]
In 2000, the bank was sold to theIndustrial and Commercial Bank of China,[4] the largest bank inChina, and it was renamed toIndustrial and Commercial Bank of China (Asia).[5]