International Bank of Asia
 | |
| Industry | International Banking |
|---|---|
| Fate | sold to Fubon Group |
| Successor | Fubon Bank (Hong Kong) |
| Founded | 1986 (formerly Sun Hung Kai Bank) |
| Headquarters | Hong Kong |
Key people | Ahmet D. Arsan (founding Chief Executive Officer and Managing Director) |
| Products |
Consumer Banking Financial Services |
| Parent | Arab Banking Corporation |
| Website | http://www.fubonbank.com.hk |
International Bank of Asia Limited (Chinese: 港基國際銀行有限公司) or IBA (Former stock code: SEHK: 636) was acquired by Taiwan-based Fubon Group in 2004 and now operates under the name "Fubon Bank (Hong Kong) Limited" (富邦銀行(香港)有限公司). Prior to Fubon Group's acquisition of IBA, the primary shareholders of International Bank of Asia were Arab Banking Corporation (ABC) and China Everbright Group.
History
International Bank of Asia (IBA) was originally 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 a multi-branch banking license. The original Sun Hung Kai Bank shareholders included Banque Paribas, Merrill Lynch, and the family of Fung King-Hey (founder of Sun Hung Kai Securities).
In 1985, Ahmet D. Arsan, Asia Head of Arab Banking Corporation (ABC), arranged for ABC to acquire 75% of Sun Hung Kai Bank, which, at the time, was suffering from sub-optimal results and was ripe for a take-over. Arsan was an influential Turkish-American banker who ABC had recruited in 1982 to head ABC Asia Pacific, after his success, years earlier, in establishing the Asia Pacific arm of First Chicago (now JPMorgan Asia). Immediately following the 1985 acquisition of Sun Hung Kai Bank by ABC, Arsan made sweeping changes in the bank, ranging from the executive management team and most of the bank's staff, to the bank's entire set of operating procedures, on which all employees were trained. In 1986, Arsan changed the institution's name and re-branded the organization as International Bank of Asia (IBA); (港基國際銀行). Ahmet D. Arsan was the founding Chief Executive Officer and Managing Director of International Bank of Asia (IBA) from 1985 to 1989, after which Arsan left IBA and established a private Hong Kong based trading firm.
In 1990, following Arsan's departure, ABC acquired the remaining 25% of IBA shares, making IBA a wholly owned subsidiary of ABC, until October 1993 when China Everbright Group became a 20% stake holder. In November 1990, IBA was listed on the Hong Kong Stock Exchange.
In February 2004 Fubon Financial Holding Co., Ltd., a member of Taiwanese financial institution Fubon Group, in an acquisition of IBA shares from both ABC and China Everbright Group, acquired a 75% stake in IBA. The M&A advisor was Citigroup Global Markets.
At the 2005 Fubon Group annual general meeting, the Fubon board approved for IBA to adopt the Fubon name. On April 6, 2005, IBA was renamed Fubon Bank (Hong Kong) Limited.
Fubon Bank (Hong Kong) Limited operates 25 retail outlets in Hong Kong including 22 branches and 3 Securities Services Centers, and provides a wide range of financial services encompassing consumer and wholesale banking, wealth management, financial markets, hire purchase, securities brokerage and investment services. Fubon Bank is listed on The Stock Exchange of Hong Kong (stock code: 636) and holds an A-2 short-term, BBB+ long-term rating from S&P. The rating reflects Fubon Bank's strong capitalization, good liquidity and sound asset quality.
Timeline
- 1985: Arab Banking Corporation (ABC) acquired 75% of Sun Hung Kai Bank from Fung King Hey's family.
- 1986: The bank was renamed International Bank of Asia (IBA).
- 1990: ABC purchased the remaining 25% and IBA became a wholly owned subsidiary of ABC.
- 1993: China Everbright Group acquired a 20% stakes of IBA. And IBA was listed on the Hong Kong Stock Exchange.
- 2004: Taiwanese Fubon Financial Holding acquired a 55% stake of IBA from Arab Banking Corporation. Later it acquired China Everbright’s 20% and became a 75% shareholder of IBA.
- 2005: The bank was renamed to Fubon Bank (Hong Kong) Limited.