Chiyu Banking Corporation Limited, also known as Chiyu Bank, is a Hong Kong-incorporated bank that has historically focused on serving the Fujianese community in the region. Here’s a detailed look into its history and ownership:
History
| Website | www.chiyubank.com |
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- Founding:
- Chiyu Bank was founded by Tan Kah Kee on July 15, 1947. The bank currently has 23 branches in Hong Kong, maintaining its long-standing goal of serving the Fujianese community.
- Purpose and Impact:
- Tan Kah Kee established the bank to provide a sustainable business that would use its profits to fund educational endeavors in Xiamen and across the Fujian province in China.
- Since its establishment, Chiyu Bank has contributed over HKD 1 billion to education in the Fujian province, primarily supporting Jimei University and its affiliated schools.
Ownership Evolution
- Bank of China (Hong Kong) Acquisition:
- During the 1970s, Bank of China (Hong Kong) began acquiring shares in Chiyu, gradually securing a 70% stake.
- Recent Changes:
- On March 27, 2017, Bank of China (Hong Kong) sold its 70.49% ownership in Chiyu Bank.
- The majority of these shares were acquired by Xiamen International Investment Limited, a wholly owned subsidiary of Xiamen International Bank Co. Ltd.
- Additionally, 6.18% of the shares were purchased by the Committee of Jimei Schools, a foundation dedicated to supporting educational initiatives.
Chiyu Bank continues to uphold its original purpose of supporting education while serving its core community in Hong Kong and maintaining strong connections with the Fujian province.
