Chapter 734 Targeting the third largest bank in Hong Kong!

Author: The creeper on the fence

Chapter 734 Targeting the third largest bank in Hong Kong!

When Imperial Group officially announced its acquisition of Hang Lung Bank, Yang Ming had already taken a break.

However, Yang Ming’s acquisition of Hang Lung Bank was too fast.

It’s so fast that many people can’t react.

That night, many people in Hong Kong learned that Empire Group announced its official acquisition of Hang Lung Bank, which still caused great shock in Hong Kong.

Have a night's rest.

Early the next morning.

Yang Ming got up and washed up.

After going for a swim in the swimming pool, I changed into a set of clothes and had breakfast with my parents.

Yang Jirong and his wife just learned that their son had acquired Hang Lung Bank after reading the newspaper.

"Peter, I didn't expect that you would acquire Hang Lung Bank in the blink of an eye."

The headlines in major newspapers and magazines in Hong Kong are all about the news that Empire Group has officially acquired Hang Lung Bank. In addition to spending HK$100 million on the acquisition, it also injected HK$500 million into Hang Lung Bank.

In other words, it is equivalent to spending 600 million Hong Kong dollars, but in the eyes of outsiders, it is not clear whether the 500 million Hong Kong dollars can fill the hole in Hang Lung Bank.

Empire Group's acquisition of Hang Lung Bank has brought great confidence to Hang Lung Bank's depositors.

After all, the Imperial Group is too powerful.

At that time, it could spend more than 10 billion to swallow up Jardine Matheson Land. Now, after acquiring Hang Lung Bank, Hang Lung Bank's strength will definitely be very different.

Yang Ming finished breakfast.

Take the bus back to Empire Group.

Return to the office of the chairman of the Imperial Group.

Lin Xiuzhi also already knew that her boss had acquired Hang Lung Bank.

While Lin Xiuzhi was making coffee for her boss, Yang Ming asked, "Are your parents feeling better?"

"They heard that they could get their principal back, and they felt much better."

Yang Ming has asked Merisi to inform Yang Shoucheng to acquire Xie Liyuan Gold Shop.

Not surprisingly, the acquisition of Xie Liyuan Gold Shop happened in the past few days.

For those investors in Xie Liyuan Gold Shop who have tens of thousands of dollars, they can get their principal back, but not the interest.

Yang Ming hopes that after Yang Shoucheng gets the Xie Liyuan Gold Shop, he can turn this century-old shop into a gold and silver jewelry store like Zheng's and Zhou Dafu's.

It has even become the largest jewelry and gold jewelry store in Hong Kong and even Asia.

besides.

Yang Ming also asked Meris to send people to contact the shareholders of Daoheng Bank.

Why does Yang Ming pay attention to this bank?

Dao Heng Bank was established in 1921 and was not as large as Hang Lung Bank. Historically, in 1982, it was acquired by the Guoco Group of Malaysian businessman Guo Ling Can.

Now it happens that Imperial Group has acquired it.

Yang Ming believes that under the current circumstances, acquiring this Chinese-owned bank is not a problem.

Except for this Dao Heng Bank.

Yang Ming focused on the third largest local bank in Hong Kong.

Overseas Trust Bank.

Overseas Trust Bank was founded in 1955. Its founder, Zhang Mingtian, was originally from Tong'an in southern Fujian and was a wealthy businessman in Malaysia.

Among them, Overseas Trust Bank was listed in Hong Kong in October 1972. In addition to Zhang Mingtian as the major shareholder, there was also Zhuang Qingquan, the major shareholder of Hang Lung Bank.

It can be said that Zhuang Qingquan was very unlucky in history. Two large Chinese-owned banks also collapsed and were taken over by the Governor's Office.

Zhang Mingtian was set up by his friend Yip Zhuangling and fell into the "cheque wheel", resulting in bank losses of up to HK$500 million.

Ye Zhuangling founded a Dominican financial company to provide immigration services to people in Hong Kong.

Beginning in September 1981, Ye Zhuangling repeatedly discounted checks that could not be cashed to overseas trusts. Due to the time difference caused by the check transfer, he was able to deposit the proceeds from the second check into the account, making the first check

be fulfilled.

Ye Zhuanling also used these funds to engage in speculative activities within the time gap.

However, due to the failure of Ye Zhuangling's speculation, he incurred losses and needed more funds to make up for the shortfall.

So the "check wheel" kept getting bigger and bigger, so that when it collapsed in March 1982, the total amount of checks that overseas trust banks could cash was as high as $66.8 million.

As the soul of Overseas Trust Bank, Zhang Mingtian passed away suddenly in February 1982. I wonder if it was a coincidence?

Haito Bank knew in March 1982 that Ye Zhungling could not repay his debts, but for fear of attracting the attention of the auditors and the Governor's Office, bank chairman Huang Changzan and Ye Zhungling worked together to create false accounts to cover up the bank's losses.

Historically, this matter has been covered up for more than three years.

Since 1982, companies closely related to overseas trust banks such as Diners Finance, Hang Lung Bank and Carnival Properties have gone bankrupt or been taken over one after another. Hightower Bank's difficulties quickly became apparent and it was forced to sell off assets on a large scale.

In November 1984, Hightower sold Chinese Bank, which it had acquired for only two years, and planned to sell Heungkong Industrial and Commercial Bank of China again.

On June 6, 1985, the Governor-General suddenly announced that Overseas Credit Bank would suspend operations for two days due to "unable to repay debts."

Afterwards, the Governor-General announced the takeover of Hightower Bank.

The check wheel incident was thus exposed.

Due to changes in interest rates and exchange rates, bad debts caused by check rounds have reached US$90 million (approximately HK$700 million).

After the Governor-General took over High Trust, a total of 4 billion yuan of exchange funds was used to enable it to continue operating.

Haito Bank found a total loss of 3.1 billion yuan. It seems that Haito Bank's losses are not limited to the check wheel incident.

After eight years of hard work, the Governor's Office sold Hightower Bank to the Guoco Group for 4.457 billion yuan.

Xiangjiang Industrial and Commercial Bank, a subsidiary of Haito, was also taken over by the government along with Haito.

In August 1987, Dah Sing Bank acquired ICBC for 530 million and changed its name to Dah Sing Financial Group, replacing ICBC's listing status.

In other words, compared with Hang Lung Bank, Overseas Trust Bank is larger.

Historically, the Governor's Office had to invest more than 4 billion Hong Kong dollars to revive Overseas Trust Bank. As the third largest local bank in Hong Kong, Yang Ming has long been interested in it.

At this time, the outside world did not know that this bank had so many problems.

The biggest problem is of course the check wheel incident.

There are also losses from investing in real estate, etc.

Yang Ming stood in front of the window and looked outside.

In addition to swallowing up Hang Lung Bank and Dao Heng Bank, the most important thing is Overseas Trust Bank.

In history, in 1982, Guoco Group acquired Dao Heng Bank of Hong Kong, and Dao Heng Bank was listed in Hong Kong in 1983.

In 1989, Guoco Group acquired Hang Lung Bank and merged it into Dao Heng Bank.

In 1993, Guoco Group acquired Overseas Trust Bank and merged it into Dao Heng Bank.

In 2001, Singapore Development Bank acquired Dao Heng Bank for HK$43.2 billion and privatized Dao Heng Bank.

In 2003, DBS Bank merged Dao Heng Bank, Overseas Trust Bank and Guang'an Bank, which it acquired in 1998, to form DBS Bank (Hong Kong).

DBS Bank, formerly known as Singapore Development Bank, is the largest commercial bank in Singapore.

It is said that the name was changed to DBS Bank in order to avoid offending some people, mainly mainland residents and Malaysians.

DBS Bank's largest shareholder is Temasek Holdings.

Now, after Yang Ming wants to acquire Hang Lung Bank, Dao Heng Bank, and even Overseas Trust Bank, it is probably impossible to see whether the Singapore Development Bank in history will still be the same size and whether it can still become the largest commercial bank in Hong Kong.

.

Yang Ming sat down in front of the boss's chair.

Lin Xiuzhi brought the coffee to the boss, and naturally looked at the boss with a different look.

Chapter two!

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