PLANNED MERGER OF CHINESE COMMUNIST BANKS IN HONG KONG

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP80-00810A003500310005-4
• Release Decision: RIPPUB
• Original Classification: S
• Document Page Count: 1
• Document Creation Date: December 15, 2016
• Document Release Date: September 8, 2003
• Sequence Number: 5
• Publication Date: February 2, 1954
• Content Type: REPORT

Approved For Release 2003/12/01 : CIA-RDP80-0081 OA003500310005-4
CENTRAL INTELLIGENCE AGENCY
INFORMATION REPORT
25X1
SECRET,
25X1
China/Hong On
Planned Merger of Chinese Communist
Banks in, Hong Kong
25X1
Thfs Document contains information affecting the Na-
tional Defense of the United States, within the mean-
ing of Title 18, Sections 793 and 794, of the U.B. Code, as
amended. Its transmission or revelation of its contents
to or receipt by an unauthorized person is prohibited
by law. The reproduction of this form is prohibited.
REPORT NO.
25X1
DATE DISTR. 2 February 1951
NO. OF PAGES 1
REQUIREMENT NO.
REFERENCES
THE SOURCE EVALUATIONS IN THIS REPORT ARE DEFINITIVE.
THE APPRAISAL OF CONTENT IS TENTATIVE.
(FOR KEY SEE REVERSE)
25X1
25X1
25X1
2., The Bank of China has engaged Sir Man-Kara LO and KTJAN Hsueh-lin (7070/1331/2651), two
prominent Hong Kong lawyers, to study the problems involved in effecting the merger,
including registration with the Hong Kong government and the valuation of outstanding
shares after amalgamation. Registration with the Hong Kong government will probably
require six months or a year to effect. Meanwhile unification of accounts and the.
reallocation of personnel will be carried out as of January 1954, and the banks..
will become amalgamated for all practicJl purposes prior to actual registration with
the Hong Kong government.
1. it is expected t1laat nine Chinese Communist commercial banks in Hong Kong are to be
unified to form one large bank. All nine banks have been under the control of the
Bank, of China for some time and have been, in effect, branches of the Bank of
China-1 They are as follows:
Sin Hua Trost Savings and Commercial Bank, Ltd.
China and. South Sea Ban's:, Ltd.
Kincheng Bank.:1.:ng; Corporation
Young Brothers Banking Corporation
China State Bank, Ltd.
Kwangtuz:lg Provincial Ba:z:ik
National Commercial Bank
Chekiang First Bank of Commerce, Ltd.
Ylen Yieh Commercial Bank, Ltd.
The amalgamation of the nine banks will result in a surplus of employees. Those
deemed valuable will be retained; others will be assigned to other locations in China
to work. It is anticipated that many who are assigned to China will refuse to go
and will therefore be forced to. resign.
(Note: Washington Distribution Indicated By "X"; Field Distribution By "#".)
Approved For Release 2003/12/01 : CIA-RDP80-0081 OA003500310005-4