Canton Trust and Commercial Bank explained

Canton Trust and Commercial Bank was a Chinese bank in Hong Kong.

History

In 1965, bank runs occurred at branches of the bank after it suffered from heavy lending to property sector and fraud.[1] Runs on branches of the bank in Aberdeen and Yuen Long occurred in early February 1965.[2] The Hongkong and Shanghai Banking Corporation agreed to lend the bank HK$25 million to overcome the crisis, but despite this the bank declared bankruptcy on 8 February 1965. This caused a series of bank runs in other several small and medium banks in Hong Kong.[3] [4]

See also

Notes and References

  1. http://www.bm.ust.hk/~fina232/L2.pdf BANK REGULATION IN HONG KONG
  2. News: Run on Yuen Long branch of local bank. February 8, 1965. South China Morning Post. .
  3. https://books.google.com/books?id=YbhzcKPcf5gC&pg=PA68 Hong Kong as an International Financial Centre
  4. https://books.google.com/books?id=SqOnAl86dzQC&pg=PA148 The 1965 Bank Runs