DBS Bank (Hong Kong)

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DBS Bank (Hong Kong) Limited (Chinese: 星展銀行（香港）有限公司), a subsidiary of DBS Bank headquartered in Singapore, is a licensed bank incorporated in Hong Kong. It is the fifth largest bank in Hong Kong as measured by assets.

Contents

1 History

1.1 Kwong On Bank
1.2 Mei Foo Branch Incident

2 Subsidiaries
3 See also
4 References
5 See also

History

DBS started its operations in Hong Kong in 1999 by acquiring Kwong On Bank from Japanese-based Fuji Bank (present Mizuho Corporate Bank), and renamed it as DBS Kwong On Bank. It acquired Dao Heng Bank (and its subsidiary Overseas Trust Bank) in 2001 from Guoco Group. The three banks were later merged under the trading name of DBS, and 星展銀行 in Chinese.

Kwong On Bank

DBS Kwong On Bank was a bank based in Hong Kong. It merged with Dao Heng Bank on July 21, 2003, and the latter was renamed DBS Bank (Hong Kong) Limited. Before the acquisition by DBS, the bank was named Kwong On Bank, and was a subsidiary of Japan-based Fuji Bank (present Mizuho Corporate Bank).

Mei Foo Branch Incident

On October 6, 2004, DBS Bank (Hong Kong) Limited announced that, during the renovation of its branch in Mei Foo Sun Chuen, in Kowloon, when the bank attempted to remove more than 900 empty safety boxes from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged. The bank has swiftly apologised to customers and offered a minimum of HK$150,000 of compensation. It has also promised a full investigation.

DBS Bank Branch on Des Voeux Road Central, Central, Hong Kong.

Subsidiaries

DBS Asia Capital Limited
DBS Asset Management (Hong Kong) Ltd
DBS Vickers Securities (Hong Kong) Limited
DBS Vickers Securities Online (HK) Limited

References

Feng, Bangyan; (1861). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. ISBN 962-04-2129-9.