Dao Heng Bank Explained

Dao Heng Bank Group Limited
Native Name:道亨銀行集團有限公司
Native Name Lang:zh
Type:Public
Traded As: (delisted on 4 September 2001)
Industry:Banking
Fate:Acquired and privatised by DBS Group Holdings Ltd in 2001
Foundation:Hong Kong
(Dao Heng Bank Limited was established in 1921)
Location Country:Hong Kong
Area Served:Hong Kong
Services:Financial services
Parent:Guoco Group Limited

Dao Heng Bank Group Limited (former stock code: HKEX:) was a bank holding company in Hong Kong and it had two major subsidiaries before being acquired, Dao Heng Bank Limited and Overseas Trust Bank Limited.

Dao Heng Bank Limited was established in Hong Kong in 1921.[1] It was acquired by Guoco Group (a member of the Hong Leong Group) in 1982 and was listed on the Hong Kong Stock Exchange in 1983. In 1989, it acquired Hang Lung Bank from the Hong Kong Government. In 1993, it acquired Overseas Trust Bank from the Hong Kong Government. Instrumental in this merger, which Euromoney Magazine called "The Deal of the Year", was Managing Director Mr. Werner M. M. Makowski. A deal which led to Dao Heng Bank Group's listing on the Hong Kong Stock Exchange to be 277 times over-subscribed.[2] On 6 December 1999, it joined to be Hang Seng Index Constituent Stocks (blue chip), making it one of the 4 leading banks that were HSI constituents.[3] In 2001, Singaporean DBS Bank acquired Dao Heng Bank from Guoco Group, then privatized and delisted it.[4] On 21 July 2003, DBS Bank merged Dao Heng Bank, DBS Kwong On Bank and Overseas Trust Bank to form DBS Bank (Hong Kong) Limited.[5]

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Notes and References

  1. Web site: Fact Sheet Dao Heng Bank Group . www.dbs.com.sg . https://web.archive.org/web/20020222134711/http://www.dbs.com.sg/newsroom/daoheng/factsheet_daoheng.html . 22 February 2002 . 12 June 2020 . live .
  2. Web site: Milestones of Guoco Group . www.guoco.com . 2008-11-07 . https://web.archive.org/web/20090308070540/http://guoco.com/eng/aboutus/overview.htm . 2009-03-08 . live .
  3. Web site: History of Hang Seng Index Constituent Stocks . 2008-11-07 . https://web.archive.org/web/20060415013047/http://main.hsi.com.hk/hsicom/constituent/hist_hsi.xls . 2006-04-15 . dead .
  4. Web site: DBS Group in Deal to Acquire Controlling Stake in Dao Heng Bank. en.people.cn.
  5. Web site: https://web.archive.org/web/20080920031333/http://hk.dbs.com/en/aboutus/newsroom/2003/030721/ . DBS' operations in Hong Kong legally merged to become DBS Bank (Hong Kong) Limited . hk.dbs.com . 20 September 2008 . 7 November 2008 . live .