CITIC Ka Wah Bank Limited (the 'Bank') is a wholly-owned subsidiary of CITIC International Financial Holdings Limited ('CIFH'), which in turn is 55%-owned by CITIC Group as at 31 May 2008. By providing value-creating financial solutions to define and exceed both the wealth management and international business objectives of our Greater China and overseas customers, the Bank aspires to be the "China Bank of Choice", with the best international standards and capabilities.

1920's

The history of the Bank dates back to the establishment of Ka Wah Ngan Ho in Guangzhou on 2 February 1922 by the late Dr. Lam Chi Fung.  The name of the Bank was derived from the names of Ka Nam Tong and Nam Wah Company.

The Bank was incorporated as a limited company in Hong Kong in December 1924 under the name of The Ka Wah Savings Bank Limited with a fully paid-up capital of HK$500,000.  The Head Office was situated at 208-210 Des Voeux Road Central.  The Ka Wah Ngan Ho in Guangzhou then became the Ka Wah Savings Bank Limited, Guangzhou Branch.  The principal services included savings deposits and remittances.  Two years later, it changed its name to Ka Wah Bank Public Limited Company.

1930's

In 1931, in order to further expand its banking activities, the Bank opened a branch in Shanghai and the share capital was raised to HK$1 million.  In 1935, the branches in Shanghai and Guangzhou were closed down as a result of the monetary instability in China.

1940's

As World War II broke out and with the fall of Hong Kong, Ka Wah Bank suspended all its business activities.  In 1945, it re-opened and operated from a new address at 269 Des Voeux Road Central.  The Bank was renamed in January 1949 as The Ka Wah Bank Limited.

1960's

In 1964, the Head Office moved to 259-265 Des Voeux Road Central, Ka Wah's self-owned building.

1970's

From 1975, the Bank entered a new era when Mr. Low Chung Song bought over two thirds of the Bank's shares and assumed management of the Bank.  Business expanded rapidly.

1980's

In 1980, the Bank's new 22-storey self-owned building at 232 Des Voeux Road Central was completed.  The Head Office was relocated to this new building on June 10 and computerisation of the Bank's various operations soon followed.  In July 1980, the Bank made a public offer of 35,000,000 ordinary shares of HK$1.00 par value at a premium of HK$0.30 per share.  The shares were subsequently listed on the Hong Kong Stock Exchange.  Business continued to grow as more branches were opened both in Hong Kong and overseas.  In the United States, two branches were set up, one in Los Angeles and the other in New York City.  A representative office was set up in Toronto, Canada while another was established in Xiamen of Fujian Province.  By the end of 1985, the Bank operated 26 branches in Hong Kong and 4 offices overseas. Wholly-owned subsidiaries included Ka Wah International Merchant Finance Limited and Ka Wah Amev Insurance Limited, a joint venture with N.A. Amev of the Netherlands.

The Bank's 22-storey self-owned Head Office at Des Voeux Road Central

1985 was a turbulent year for the banking industry in Hong Kong.  Small and medium sized banks were facing financial difficulties and Ka Wah Bank was not spared.  The agreement of CITIC to inject HK$350 million capital into the Bank and the subsequent signing of the agreement on 21 April 1986 enabled the Bank to resume normal operation.

1990's

Under an experienced and capable management team, the Bank has grown and developed into a well-managed medium sized bank.  It was ranked as one of the top 1,000 banks in the world.  On 30 July 1998, the Bank officially changed its name to CITIC Ka Wah Bank Limited.  In November of the same year, the Bank launched a new corporate identity, emblematic of its new corporate values and culture and a demonstration of its determination and spirit towards reforms and business development.

Mr. Cai Zhongzhi, former President & Chief Executive Officer, unveiled the Bank's new corporate identity on 2 November 1998.

In December 1999, the Bank received first time a rating from an international rating agency.  Moody's Investors Service rated the Bank's long- and short-term foreign currency deposit at Baa2 and Prime-3 respectively.  The Bank's financial strength was rated at D while the rating outlook is stable.  The ratings reflect the Bank's sound financial position in the wake of its business development and reforms.

2000's

In January 2002, the Bank continued its progressive strategy of growth with the acquisition of The Hongkong Chinese Bank, Limited ('HKCB') for HK$4.2 billion. 

In order to leverage on the network and strengths of CITIC in Mainland China and to capitalise on the numerous opportunities arising from China's entry to the World Trade Organisation, the Bank announced in February 2002 a re-organisation plan, under which the Bank's three main businesses, namely commercial banking, investment banking and assets management will be re-organised under a financial holdings company.  The Bank also signed a memorandum of understanding with CITIC Industrial Bank (now known as China CITIC Bank Corporation Limited) in February 2002 with a view to establishing a long-term business co-operation relationship.

On 25 November 2002, CITIC Ka Wah Bank and HKCB were legally and operationally merged.  The merger of the two banking businesses has been achieved through a Private Ordinance -- the CITIC Ka Wah Bank Limited (Merger) Ordinance, which was enacted on 19 July 2002.  Pursuant to the CITIC Ka Wah Bank Limited (Merger) Ordinance, the bulk of the assets and liabilities of CITIC Ka Wah Bank was transferred to HKCB on the Appointed Day of the merger, which was 25 November 2002.  Accordingly, HKCB changed its name to CITIC Ka Wah Bank Limited and continues to operate the integrated banking businesses, while CITIC Ka Wah Bank changed its name to CITIC International Financial Holdings Limited which continues to be listed on the Hong Kong Stock Exchange.

Mr. Kong Dan, former Chairman of the Bank (now Chairman of CITIC Group and Director of the Bank, centre), Mr. Chang Zhenming, former Executive Vice Chairman of the Bank (left) and Mr. Raymond Lee, former Managing Director and Chief Executive of HKCB (right) at the press conference announcing the acquisition of HKCB.

In July 2003, the Hong Kong and Mainland authorities signed the Closer Economic Co-operation Arrangement ('CEPA') agreement, which opens up new opportunities for Hong Kong banks to expand their businesses in the Mainland market.  In order to gain immediate access to the foreign currency business in Mainland China and to position strategically to benefit from CEPA, the Bank announced in October 2003 the acquisition of the entire stake of China International Finance Company Limited (Shenzhen) ('CIFC') for a consideration of US$896,733.32 (approximately HK$6,994,500).  The acquisition was approved by the China Banking Regulatory Commission ('CBRC') in December 2003.

Mr. Chang Zhenming, former Executive Vice Chairman of the Bank (third from left); Mrs. Doreen Chan, President and Chief Executive Officer of the Bank (second from left); Mr. Kenneth Kong, former Alternate Chief Executive Officer of the Bank (second from right); Mr. Kelvin Lo, former Executive Vice President of the Bank (first from left); and Ms. Margaret Man, Executive Vice President of the Bank and Chairman of CIFC (first from right), jointly officiated the lighting ceremony in the cocktail reception celebrating the Bank's completion of acquisition of CIFC.

In December 2004, the Bank opened its first Mainland branch in Shanghai, focusing on establishing a corporate and retail client base in the Yangtze River Delta.  With the approval from CBRC, the Shanghai branch is permitted to offer foreign currency banking services to customers in Mainland China.

Officiating the lighting ceremony for the opening of the Shanghai Branch were 8 dignitaries from CITIC Group companies and the Bank including Mr. Kong Dan, former Vice Chairman of CITIC Group and Chairman of the Bank (now Chairman of CITIC Group and Director of the Bank, fourth from right); Mr. Wang Chuan, Vice Chairman of CITIC Group (fourth from left); Mr. Dou Jianzhong, former Vice Chairman of the Bank (now Chairman of the Bank, third from right); and Mrs. Doreen Chan, President and Chief Executive Officer of the Bank (third from left).

In 2005, the Bank achieved a number of strategic breakthroughs in its China business.  On 21 June 2005, CIFC received approval from CBRC to offer Renminbi services.  As a result, the Bank became the first Hong Kong bank whose subsidiary has obtained a Renminbi licence in the Mainland under the preferential measures prescribed in CEPA.  Leveraging on the Renminbi licence, CIFC and the Bank are able to offer Renminbi services to its corporate clients as well as to individual clients who are non-Mainland citizens.  In July 2005, CIFC was granted a property insurance agency licence by the China Insurance Regulatory Commission.

The Bank's Macau branch was officially opened in October 2005 to offer one-stop banking services to corporate customers as well as to further reinforce the Bank's geographic reach to service customers in the Pan Pearl Delta River region.

Mr. Edmund Ho, Chief Executive of the Macao Special Administrative Region (fourth from left); Mr. Wang Jun, former Chairman of CITIC Group (third from right); Mr. Wang Jinxiang, Deputy Director of Liaison Office of the Central People's Government in the Macao SAR (third from left); Mr. Wan Yongxiang, Commissioner of the Department of General Affairs Office of the Commissioner of the Ministry of Foreign Affairs in the Macao SAR, PRC (second from right); Mr. Francis Tam, Secretary for Economy and Finance of Macao SAR (second from left); Mr Dou Jianzhong, Vice Chairman of the Bank (now Chairman of the Bank, first from right); and Mrs. Doreen Chan, President and Chief Executive Officer of the Bank (first from left) officiated at the lighting ceremony of the Macau Branch.

In October 2006, the Bank's Beijing representative office was formally upgraded to a branch.  The new branch allows the Bank to offer a diversified range of cross-border solutions and services to customers in the Pan-Bohai economic region and in the northern China region in order to cater to their financing needs.

A total of 11 dignitaries from the local government, regulatory bodies, as well as CITIC Group companies and the Bank, including Mr. Kong Dan, Chairman of CITIC Group (fifth from right); Mr. Chang Zhenming, Vice Chairman and President of CITIC Group (first from left); Mr. Wang Chuan, Vice Chairman of CITIC Group (fourth from left); Mr. Lu Hao, Vice Mayor of Beijing Municipal Government (fourth from right); Mr. Chen Xiaoxian, Executive Director and Vice President of CITIC Group, and President of China CITIC Bank (third from right); and Mrs. Doreen Chan, President and Chief Executive Officer of the Bank (third from left) officiated at the opening ceremony of Beijing Branch.

Following CIFH's successful stake acquisition in China CITIC Bank Corporation Limited ('CNCB'), in 2006, priority was given to drive collaboration between CNCB and CKWB at both the strategic and business levels.

CIFH signed a framework agreement with CITIC Group in Beijing regarding the stake acquisition in China CITIC Bank. Attended the signing ceremony included Mr. Wang Jun, former Chairman of CITIC Group (centre); Mr. Dou Jianzhong, Chief Executive Officer of CIFH (right); and Mrs. Doreen Chan, Managing Director and Alternate Chief Executive Officer of CIFH (left).

On 23 November 2006, CIFH announced that it has forged a strategic alliance with Banco Bilbao Vizcaya Argentaria, S.A. ("BBVA").  CIFH's strategic partnership with BBVA was formalised with the completion of the latter's 15% share subscription in CIFH in March 2007.  There is clear commitment that CKWB will be the primary platform from which to develop the future combined Asian businesses and to build out CITIC Group's commercial banking footprint in the region.

Mr. Dou Jianzhong, Chief Executive Officer of CIFH (right), and Mrs. Doreen Chan, Managing Director and Alternate Chief Executive Officer of CIFH (left) announced the strategic alliance with BBVA at the press conference.

CKWB continues to enjoy a strong capital position.  Taking into account its strong business growth and regional expansion plans, the Bank completed its capital plan towards the end of 2007 which included a HK$2.5 billion capital injection by the Group, the launch of a US$2 billion medium term note programme and the sale of a US$250 million lower tier two subordinated notes to replace an outstanding subordinated notes issue due 2011 in the same amount.

The Bank's wholly-owned subsidiary bank in China, CITIC Ka Wah Bank (China) Limited ('CKWB China'), has received approval from CBRC to locally incorporate as a licensed bank in China, and has officially commenced business operations on 14 April 2008.  CKWB China was formed from the former CIFC and the Bank's Shanghai and Beijing branches.  Headquartered in Shenzhen with branches in Shanghai and Beijing, CKWB China initially offers a full range of Renminbi and foreign currency wholesale banking services, foreign currency banking services for individual customers as well as Renminbi banking services for non-China residents.  CKWB China will also conduct Renminbi retail banking services for local Chinese individuals in the future.  Meanwhile, the Bank retains its original Shanghai branch to focus on delivering foreign currency wholesale banking services to customers.

Officiating at CKWB China's opening ceremony were 14 dignitaries from the local government, regulatory bodies, as well as CITIC Group companies and the Bank, including Mr. Xu Zongheng, Mayor of Shenzhen Municipal Government (seventh from right); Mr. Wang Chuan, Vice President of CITIC Group (seventh from left); and Mr. Dou Jianzhong, Executive Director and Vice President of CITIC Group and Chairman of the Bank (sixth from right).

Our endeavor to providing value-added services to customers with our innovative spirit has been widely recognised in the marketplace, enabling the Bank to receive a number of reputable awards and recognitions. Looking ahead, the Bank will continue to operate from its base in Hong Kong. By being a progressive, innovative and customer-focused organisation, the Bank strives to create exceptional value to its customers and becomes a leading financial services institution in Greater China

 

 

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