Bank of America (Asia)
From Wikipedia, the free encyclopedia
The Bank of America (Asia) is a licensed bank incorporated in Hong Kong.
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[edit] History
The Bank has over 90 years of history in Hong Kong, when its predecessor, the Bank of Canton - the first Chinese-owned bank in the territory - was founded in February 1912.
The Bank of Canton was acquired by the Security Pacific National Bank in 1988, and was renamed Security Pacific Asian Bank. The bank became part of the Bank of America following a merger of the Security Pacific National Bank and the Bank of America in 1992, and was renamed Bank of America (Asia) in 1993. In terms of net assets, Bank of America (Asia) is the most profitable and the largest subsidiary of Bank of America outside of the United States.
An agreement was signed on August 24, 2006, that the bank was to be acquired by China Construction Bank (CCB) for HK$ 9.7 billion. The deal, which is awaiting regulatory approval by the Hong Kong and mainland China regulators, and CCB shareholders in a general meeting, is expected to be completed by the end of 2006. Bank of America, the parent of Bank of America (Asia) is as of 2006 a strategic investor in CCB, holding a 9% stake. The announcement was made after the CCB failed to acquire Asia Commercial Bank, another Hong Kong-based bank, in February in the same year.
[edit] Subsidiaries and affiliated companies
- QBE Hongkong & Shanghai Insurance Limited - a joint venture with QBE Insurance, offers a comprehensive range of personal and commercial insurance services.
- Inchroy Credit Corporation - a joint venture between Bank of America and Pacific plc, offers motor vehicle and equipment finance, and consumer loans.
- Bank of America (Macau) - a wholly owned subsidiary of Bank of America (Asia).
[edit] Bank of America (Macau)
Main article: Bank of America (Macau)
The Bank of America (Macau) incorporated on July 1, 1936 as Bank of Canton, is one of the longest established banks in Macao. It was renamed Security Pacific Asian Bank (Macau) in 1991 and as Bank of America (Macau) in 1994.
