Chiyu Banking Corporation Limited is a licensed bank registered and commenced in Hong Kong. On July 15, 1947, it was founded in Hong Kong by Chen Kah Kee, an overseas Chinese from Nanyang who was originally from Jimei Society, Tong'an County, Fujian Province, in order to solve the dilemma of the shortage of funds of Jimei University, with a capital of 100,000 Hong Kong dollars, from which dividends and bonuses were obtained, so that Jimei University would have a long-term and stable source of funding.
Chiyu Bank's registered address is Chiyu Bank Building, 78 Des Voeux Road Central, Hong Kong, and its certified public accountant is Ernst & Young.
HistoryOn
October 1, 1943, Yong'an, the provisional capital of Fujian, was established; During the Anti-Japanese War, branches or offices were set up in Dongxing, Liuzhou, and Quanzhou to facilitate the remittance of overseas Chinese to support the Anti-Japanese War.
In 1945, after the victory of the Anti-Japanese War, it was moved to Xiamen; Chiyu Banking Corporation was officially opened in Hong Kong on 15 July 1947, becoming the 39th licensed bank in Hong Kong.
On December 1, 1949, the head office in Xiamen was reopened, and in September 1950, Chiyu Banking Corporation set up a branch in Shanghai. In 1951, Chiyu Banking Corporation was approved to act as an agent for various savings deposits of People's Bank of China; In 1952, it was approved to act as an agent for the Bank of China overseas Chinese savings deposit business.
In 1952, Chiyu Banking Corporation became a member of the Association of Foreign Exchange Banks and the Hong Kong Bank Clearing House, and in 1959 it became a Foreign Exchange Authorized Bank.
Affected by the bank run in Hong Kong in 1965, Chiyu Banking Corporation also experienced a crisis. In 1970, Bank of China Hong Kong Branch increased its capital to Chiyu Banking Corporation by 5 million Hong Kong dollars, becoming the largest shareholder of Chiyu Banking Corporation and resolving the crisis of Chiyu Banking Corporation.
In 1972, Chiyu Banking Corporation Xiamen Head Office, Shanghai Branch and other mainland banks were merged into People's Bank of China.
On April 2, 1985, Chiyu Banking Corporation resumed the establishment of an office in Xiamen, and on November 8 of the same year, the establishment of a Xiamen branch was resumed.
Chiyu Banking Corporation has 23 branches in Hong Kong. There are two branches in Fuzhou City, Fujian Province, Chinese mainland, and three branches in Xiamen City. In 1997, the Bank ranked 603rd in the World Bank in terms of total assets.
Chiyu Banking Corporation was originally a member of Bank of China Group, but on 1 October 2001, the Bank of China Group was restructured and Chiyu Banking Corporation became a subsidiary of Bank of China (Hong Kong) Limited. Since Bank of China (Hong Kong) only holds a 71% stake in Chiyu Banking Corporation, while the private Jimei School Committee holds a partial stake; In order to respect the interests of minority shareholders, its brand was retained and was not merged into Bank of China (Hong Kong).
On December 22, 2016, Bank of China (Hong Kong) Holdings Limited sold a total of 2,114,800 shares of Chiyu Banking Corporation for 7.685 billion yuan, accounting for about 70.49% of Chiyu's total issued shares, of which 1,929,400 shares (64.31%) were sold to Xiamen International Investment Limited, the remaining 185,400 shares (6.18%) were sold to the Jimei School Committee through the private Jimei School Fund; At present, the private Jimei School Fund also holds a 13.88% stake (416,000 shares) in Chiyu Banking Corporation. Relative to Chiyu's net asset value (approximately HK$6.7 billion in mid-2016), the trading price is equivalent to approximately 1.6 times the price-to-book ratio. The disposal has been approved by the Ministry of Finance of the People's Republic of China and approved in principle by the Hong Kong Monetary Authority.
On March 27, 2017, the two parties jointly announced that all the work related to the equity transfer of Chiyu Banking Corporation has been successfully completed, and Chiyu Banking Corporation will become a subsidiary of Xiamen International Bank with immediate effect.
On December 26, 2018, Chiyu Banking Corporation was officially approved by the China Banking and Insurance Regulatory Commission to establish a Shenzhen branch, which is the first foreign-funded financial institution approved for establishment after the institutional reform of the China Banking and Insurance Regulatory Commission.