Chong Hing Bank

Chong Hing Bank, originally established in 1948, is a Hong Kong-based bank with its headquarters in Central. Here is a summary of its history and branches:

History

1. Founding and Early Growth:
   • The bank was founded as Liu Chong Hing Bank by Liu Po-shan in 1948, shortly after migrating to Hong Kong from Chiuchow before the Japanese occupation.
   • Starting as a property business and transitioning into banking, the initial operations took place on Wing Lok Street in Western.
   • By 1955, it had become a savings bank with branches.
2. 1961 Bank Run and Stabilization:
   • In June 1961, the bank faced a bank run triggered by false rumors suggesting a police investigation.
   • Statements from local police and major banks reassured the public, and the run was mitigated after a few days.
   • Founder Liu Po-shan passed away later that year, with his sons playing a role in stabilizing the bank.
3. Further Expansion:
   • By 1972, Liu Chong Hing Bank had expanded to 9 branches and HKD 372 million in assets, growing further to 19 branches by 1978.
   • The bank was spun off from Liu Chong Hing Investment in 1994.
4. Ownership Changes:
   • From 1997 to 2007, COSCO Pacific held a minority stake (20%) in the bank.
   • The name was changed to Chong Hing Bank in 2006 to reduce the emphasis on family business connections.
5. Acquisition and Privatization:
   • In 2013, the Yue Xiu Group, an investment arm of the Guangzhou municipal government, announced its plan to acquire Chong Hing Bank.
   • The acquisition was finalized on February 14, 2014, with Yue Xiu Financial Holdings acquiring a 75% stake.
   • The bank adopted the logo of Yue Xiu, signifying a new corporate identity.
   • In 2021, Chong Hing Bank was privatized and delisted from the Hong Kong Stock Exchange.

Branch Network

• Hong Kong:
  • The bank maintains its main branch on Des Voeux Road Central in Central, Hong Kong.
  • As of March 2018, it operated 39 branches across Hong Kong: 9 on Hong Kong Island, 16 in Kowloon, and 14 in the New Territories.
• Global Presence:
  • In addition to its Hong Kong branches, the bank has a limited presence in Mainland China and operates an office in San Francisco.

Leadership

• Margaret Leung was succeeded as CEO by Zong Jianxin on April 19, 2017.