DBS Bank (Hong Kong)

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DBS Bank (Hong Kong) Limited
Native name
星展銀行(香港)有限公司
Subsidiary of DBS Group Holdings Ltd
IndustryBanking
Predecessor
FoundedHong Kong (July 21, 2003 (2003-07-21))
Headquarters
Key people
ServicesFinancial services
Increase HKD11.9 billion (2018)[1]
Increase HKD5.1 billion (2018)[1]
Total assetsIncrease HKD445.7 billion (2018)[1]
Total equityDecrease HKD38.0 billion (2018)[1]
ParentDBS Group Holdings Ltd
Websitewww.dbs.com.hk

DBS Bank (Hong Kong) Limited (Chinese: 星展銀行(香港)有限公司) is a licensed bank incorporated in Hong Kong. It is a subsidiary of DBS Bank headquartered in Singapore and it is also the seventh-largest bank in Hong Kong by total assets.[2]

History[edit]

DBS started its operations in Hong Kong in 1999 by acquiring Kwong On Bank from Leung's family & 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.[3] The three banks were later merged under the trading name of DBS, and 星展銀行 in Chinese.

Kwong On Bank[edit]

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[edit]

On October 5, 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.[4]

In 2009, the safe deposit box incident was portrayed on TVB television series Born Rich.

Subsidiaries[edit]

  • DBS Asia Capital Limited
  • DBS Asset Management (Hong Kong) Limited
  • DBS Vickers Securities (Hong Kong) Limited
  • DBS Vickers Securities (Singapore) Private Limited

References[edit]

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

See also[edit]

External links[edit]