Bank-runs the city has witnessed since 1961

Updated: 2008-09-25 07:52

(HK Edition)

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Date/Bank/Details

September 24, 2008/Bank of East Asia/Rumors alluding to the bank's financial instability after the fallout of Lehman.

October, 1997/International Bank of Asia (now renamed Fubon Bank)/triggered by rumors during the Asian financial crisis.

July, 1991/Bank of Credit and Commerce International/bankruptcy of its parent company; large withdrawal was also seen in other banks such as Standard Chartered.

1985/Overseas Trust Bank and its subsidiary/in short of liquidity due to a false account problem; they were taken over by the government and sold to Dao Heung Bank (merged into DBS Bank) and Dah Sing Bank.

1983/Sun Hung Kai Bank/acquired by Arab Banking Corporation after a large withdrawal incident and changed its name to International Bank of Asia.

January to April, 1965/Ming Tak Bank, Hang Seng Bank, Far East Bank, Wing Lung Bank, Dao Heng Bank and others/Ming Tak Bank's large withdrawal due to over-lending started first, then spread to other banks and eventually led to the financial crisis of 1965.

June, 1961/Liu Chong Hing Bank (now Chong Hing Bank)/crisis resolved with the support of Standard Chartered and Hong Kong and Shanghai Banking Corp.

(HK Edition 09/25/2008 page2)