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Friday, January 13, 2017, 21:30

CCB compiles book on history of banks in HK

By Dara Wang

CCB compiles book on history of banks in HK
Vice-Chairman and Chief Executive of China Construction Bank (Asia) Jiang Xianzhou (first right) said he hopes the book on the history of Chinese banks in Hong Kong can inspire the thinking of people in the banking industry on risk management and shareholder structure. (Provided to China Daily)

HONG KONG - The China Construction Bank (Asia) and the University of Hong Kong (HKU) released a book jointly on Thursday, elaborating the history of Chinese banks in the city across the past century.

In celebration of the bank’s 105th anniversary, the book focused on the development of CCB, turning the clock back to 1912 when its predecessor Bank of Canton registered its business in Hong Kong.

The bank was the first to be established by Chinese people in the city. Today’s people in the banking industry could learn risk management experience from this old bank, said Jiang Xianzhou, vice-chairman and chief executive of CCB (Asia).

CCB suspended business in the 1930s due to the high proportion of real-estate loans and problems brought by cronyism. Reopening in 1936, the bank was taken over by Soong Tse-ven and acted more prudently, as a result of which the bank successfully avoided following risks, Jiang said.

After a century of development, the bank’s assets have increased from HK$36 million to HK$500 billion, said Yang Jian, deputy director of the Liaison Office of the Central People's Government in the Hong Kong SAR.

Yang expressed hope the bank and other Chinese banks in the SAR will continue to make significant contributions to consolidating the city’s position as an international financial hub.

The book has been compiled in one year and a half, collecting substantial first-hand materials in Hong Kong and Guangdong province, said Lin Chen, associate dean (research) of the Faculty of Business and Economics of HKU, who led the research by the editorial team. He hoped the book could properly document the history gap concerning Chinese banks in the city.

On Feb 22, CCB (Asia) will join a financial forum in Central organized by the Chinese Banking Association. The participants will review history, exchange experiences and look forward to the future development of Chinese banks, according to Jiang.

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