Chiyu Banking Corporation

Chiyu Banking Corporation Limited also known as Chiyu Bank is a bank incorporated in Hong Kong.

Chiyu Banking Corporation
Chiyu Bank
Native name
集友銀行
Subsidiary
Founded15 July 1947 (1947-07-15)
FounderTan Kah Kee
Area served
Hong Kong
ParentXiamen International Bank
Chinese name
Traditional Chinese集友銀行
Simplified Chinese集友银行
full name
Traditional Chinese集友銀行有限公司
Websitewww.chiyubank.com

History

It was founded by Tan Kah Kee in 1947, and it has 23 branches in Hong Kong and focuses on serving the community of residents of Fujian descent in Hong Kong.

Chiyu was explicitly created by Chen to create a sustainable business with profits to be devoted to education in Xiamen and the rest of Fujian province in China. Since its founding, it has spent more than HK$1 billion in education in the province, primarily through funding Jimei University and its related schools.

Ownership

Bank of China (Hong Kong) gradually accumulated a 70% stake in Chiyu in the 1970s; the rest of the bank is held by the Jimei University foundation, the government of Xiamen Municipality City and minority shareholders.

On 27 March 2017, Bank of China (Hong Kong) disposed of all of its 70.49% of interests in Chiyu.,[1] selling most of it to Xiamen International Investment Limited, a wholly owned subsidiary of Xiamen International Bank Co. Ltd, and part of it (6.18% of Chiyu) to the Committee of Jimei Schools.[2]

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References
  1. "Notice of the Effective Date of the Share Transfer of Chiyu" (PDF) (Press release). Bank of China (Hong Kong); Chiyu Banking Corporation. Retrieved 28 June 2019.
  2. "JOINT ANNOUNCEMENT PROPOSED DISPOSAL OFINTERESTS IN CHIYU BANK" (PDF) (Press release). Bank of China; BOC Hong Kong (Holdings). 22 December 2016. Retrieved 28 June 2019.



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