Chapter 367: 【Bank! Bank! 】
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Chapter 367【Bank! Bank! 】
The run on Chinese banks on Hong Kong Island in 1961 fully exposed the weakness of the Hong Kong government’s serious lack of legal protection and its non-intervention policy;
Because there is no legal restriction, the operating methods of Liao Chongxing Bank are legal;
If measured by international banking practices, the bank’s operations are obviously extremely irregular:
First of all, engaged in a large number of non-banking businesses, such as real estate speculation;
Secondly, the interest rate stipulated is much higher than the interest rate agreement of the trade association;
Finally, there was not enough working capital reserved for daily operations.
The Liao Chong Hing Bank incident has caused the Hong Kong government to be criticized by all walks of life, especially the banking sector!
So in 1962, the Governor of Hong Kong Berliji invited Tomkins, a British banking law expert, to visit Hong Kong Island;
Tomkins submitted the ‘Tomkins’ report after many inspections and visits.
Subsequently, the Hong Kong government revised the Banking Regulations, which was formally implemented last year (November 1964).
The new regulations set specific and strict regulations on the definition of banking business and the obligations that banks should undertake;
For example, the bank’s minimum net assets should not be less than 5 million Hong Kong dollars, and the proportion of liquidity should not be less than 25%, etc.
In the same year, the Hong Kong Island Banking Association surpassed all obstacles and accomplished a very meaningful event;
Members and non-members sat together and reached an interest rate agreement on deposits and loans, which stipulated the highest deposit and loan interest rates;
This agreement, the silver account must also abide by!
The banking industry on Hong Kong Island has finally become a little more formal. Of course, to become more formal, the three-tier financial system in the 1980s has to be introduced.
It is strange to say that every time a bank run on Hong Kong Island occurs, the banks that occur are all Chinese banks;
In fact, there is a reason for this. Large foreign banks have been basically operating in accordance with international practices and inter-bank agreements;
While the Chinese bank emerged from the silver name, it was either contaminated with the legacy of the silver name or could not adapt to the banking practices;
Some people even complained that the British got stuck on their necks.
This has caused only three Hong Kong Island Banks to truly belong to Chinese-funded banks in the future!
The rest either closed down, or turned to major foreign banks!
.
This is the so-called hard to return. The new regulations of the Hong Kong government and the agreement of the trade association cannot fundamentally change the status quo, and the ‘bad habits’ have even worsened;
As far as Wu Guangyao knows, during the four-year period from 1961 to 1964, Chinese banks and banks lent a lot to real estate; what’s more, they directly participated with depositors’ money.
When Liao Chong Hing Bank had a run, these people gloated and never thought that bad luck would fall to them.
Wu Guangyao’s private advisory group has only four people since its establishment. They are:
Hollande, British nationality, legal consultant, well-known barrister in London, part-time barrister of Kayla Law Firm.
Bensheng Rong, management consultant, part-time president of Fengxiang Lao, often goes abroad for further studies these years.
Jonas, an M&A expert and former Ford executive, has participated in a number of Ford acquisition projects; Wu Guangyao’s industries have basically undergone mergers and acquisitions of other companies every one or two months. Jonah Sis can be regarded as a lot of hard work.
Morse, financial consultant, senior executive of a famous American financial management company, PhD in finance; established a financial company on Hong Kong Island, the main shareholder is Wu Guangyao, and he is a minority shareholder; the scope of business is a bit like a later HSBC subsidiary— -Victory Finance Company, mainly a finance company assisting in the acquisition.
The four came to Wu Guangyao’s office and sat together waiting for the boss to speak.
"I plan to open a bank of my own. You recently helped me pay attention to the talents in this area!" Wu Guangyao said.
The faces of the four of them were immediately pleasantly surprised, and they were all thinking that the boss has opened up!
It turns out that the four of them have a better understanding of all the industries under Wu Guangyao;
Everyone once agreed that BOSS should have its own bank;
And Hong Kong Island is a free trade port, very suitable for opening a bank.
However, the boss has never had this idea for various reasons, so everyone is more helpless!
"BOSS, I have a classmate who works for Citibank, and he is still a promising middle-level person. I can introduce him to work for you!" Morse said.
Wu Guangyao was taken aback. He didn't plan to recruit foreigners to manage his bank!
After pondering for a moment, Wu Guangyao decided to hire a professional banker to take care of his bank.
"Do you need me to come forward?"
"That's not necessary. With your strength, I can persuade him to move him with just a few words!"
Morse is very confident in Wu Guangyao's charm, after all, there are too many world-famous companies under Wu Guangyao.
"Well, tell him, on a small Hong Kong island, you can get out of the big bank!"
Four people and each one, the boss is really qualified this time, everyone will not doubt that the boss is bragging, after all, the boss has proved himself with many facts!
Wu Guangyao’s idea is to set up a new bank of his own, and then in the upcoming Hong Kong Island Bank run, buy one or two banks, and incorporate these banks directly into his new bank;
While Hang Seng Bank is mainly holding, the specific management is still left to He Shanheng and others. After all, HSBC's conditions are like this!
Shangri-La Hotel
Four old friends Wu Guangyao, Zhao Xi, Guan Yi, and Li Jia sat together, chatting and laughing.
It has been 18 years since Wu Guangyao came to Hong Kong Island, and the four of them have known each other for 18 years. Now everyone has changed from a young person to a middle-aged person;
The social status of the four has also risen sharply over the years!
Wu Guangyao will not say for the time being, the net worth of Guan Yi and Zhao Xi at this time is no worse than that of Li Chaoren, Li Zhaoji and others at this time!
But the industry the two are engaged in-trade, has decided that in the future, they can only be middle-rich people on Hong Kong Island, and there will be real estate business!
Li Jia is an important person who has not left the HSBC loan project department for many years, but has finally been promoted to the top five in the department.
Wu Guangyao entertained everyone this time. Gathering was a purpose, and he also wanted to bring Li Jia to his bank.
Li Jia has good abilities, and he has worked at HSBC for so many years. This is the talent Wu Guangyao needs.
"Brother Li, I plan to set up a bank. You are the position of loan manager!" Wu Guangyao went straight to the point.
Everyone was stunned, you have to ask Li Jia whether or not to agree!
But soon everyone understood that Li Jia has no shares in HSBC, and Wu Guangyao's strength is greater than HSBC. Li Jia has no reason to refuse!
"When do you go to work?" After three seconds passed, Li Jia said directly.
If Wu Guangyao asked this question 10 years ago, Li Jia felt he would hesitate;
Now Wu Guangyao's several large companies are all world-renowned companies, and HSBC may not be better than one of them;
Moreover, Wu Guangyao’s status on Hong Kong Island means that the Governor dare not move him because the Chinese already regard him as a Chinese leader.
Wu Guangyao said: "You can go to work after the handover is completed, but my bank is still in preparation!"
Li Jia said: "Okay! Would you like to tell Sandus!"
Li Jia knows that Wu Guangyao and Sundashi are good friends, and they are also allies. That’s why I said this!
"Well, it's time to talk to Sandus!"
In a few words, it was confirmed that Li Jia would join!
The loan department is a relatively important department of the bank, but for Wu Guangyao, it is not so important;
There are three main reasons for :
First, I know when those industries are prosperous and winter, so I can remind the people in the loan department to pay attention to the direction of choice.
Second, in Wu Guangyao’s vision, his bank’s biggest source of income is speculation in gold spot or futures, and oil futures; as long as the leverage is small and Wu Guangyao knows the big market, I believe it will make a lot of profits.
Thirdly, the stock market is also a source of profit for one's own bank. Of course, it is not to use bank money to speculate, but to set up a fund to speculate in stocks.
To sum up, Wu Guangyao believes that his bank must have the hope of becoming a big bank.
(End of this chapter)
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Chapter 367【Bank! Bank! 】
The run on Chinese banks on Hong Kong Island in 1961 fully exposed the weakness of the Hong Kong government’s serious lack of legal protection and its non-intervention policy;
Because there is no legal restriction, the operating methods of Liao Chongxing Bank are legal;
If measured by international banking practices, the bank’s operations are obviously extremely irregular:
First of all, engaged in a large number of non-banking businesses, such as real estate speculation;
Secondly, the interest rate stipulated is much higher than the interest rate agreement of the trade association;
Finally, there was not enough working capital reserved for daily operations.
The Liao Chong Hing Bank incident has caused the Hong Kong government to be criticized by all walks of life, especially the banking sector!
So in 1962, the Governor of Hong Kong Berliji invited Tomkins, a British banking law expert, to visit Hong Kong Island;
Tomkins submitted the ‘Tomkins’ report after many inspections and visits.
Subsequently, the Hong Kong government revised the Banking Regulations, which was formally implemented last year (November 1964).
The new regulations set specific and strict regulations on the definition of banking business and the obligations that banks should undertake;
For example, the bank’s minimum net assets should not be less than 5 million Hong Kong dollars, and the proportion of liquidity should not be less than 25%, etc.
In the same year, the Hong Kong Island Banking Association surpassed all obstacles and accomplished a very meaningful event;
Members and non-members sat together and reached an interest rate agreement on deposits and loans, which stipulated the highest deposit and loan interest rates;
This agreement, the silver account must also abide by!
The banking industry on Hong Kong Island has finally become a little more formal. Of course, to become more formal, the three-tier financial system in the 1980s has to be introduced.
It is strange to say that every time a bank run on Hong Kong Island occurs, the banks that occur are all Chinese banks;
In fact, there is a reason for this. Large foreign banks have been basically operating in accordance with international practices and inter-bank agreements;
While the Chinese bank emerged from the silver name, it was either contaminated with the legacy of the silver name or could not adapt to the banking practices;
Some people even complained that the British got stuck on their necks.
This has caused only three Hong Kong Island Banks to truly belong to Chinese-funded banks in the future!
The rest either closed down, or turned to major foreign banks!
.
This is the so-called hard to return. The new regulations of the Hong Kong government and the agreement of the trade association cannot fundamentally change the status quo, and the ‘bad habits’ have even worsened;
As far as Wu Guangyao knows, during the four-year period from 1961 to 1964, Chinese banks and banks lent a lot to real estate; what’s more, they directly participated with depositors’ money.
When Liao Chong Hing Bank had a run, these people gloated and never thought that bad luck would fall to them.
Wu Guangyao’s private advisory group has only four people since its establishment. They are:
Hollande, British nationality, legal consultant, well-known barrister in London, part-time barrister of Kayla Law Firm.
Bensheng Rong, management consultant, part-time president of Fengxiang Lao, often goes abroad for further studies these years.
Jonas, an M&A expert and former Ford executive, has participated in a number of Ford acquisition projects; Wu Guangyao’s industries have basically undergone mergers and acquisitions of other companies every one or two months. Jonah Sis can be regarded as a lot of hard work.
Morse, financial consultant, senior executive of a famous American financial management company, PhD in finance; established a financial company on Hong Kong Island, the main shareholder is Wu Guangyao, and he is a minority shareholder; the scope of business is a bit like a later HSBC subsidiary— -Victory Finance Company, mainly a finance company assisting in the acquisition.
The four came to Wu Guangyao’s office and sat together waiting for the boss to speak.
"I plan to open a bank of my own. You recently helped me pay attention to the talents in this area!" Wu Guangyao said.
The faces of the four of them were immediately pleasantly surprised, and they were all thinking that the boss has opened up!
It turns out that the four of them have a better understanding of all the industries under Wu Guangyao;
Everyone once agreed that BOSS should have its own bank;
And Hong Kong Island is a free trade port, very suitable for opening a bank.
However, the boss has never had this idea for various reasons, so everyone is more helpless!
"BOSS, I have a classmate who works for Citibank, and he is still a promising middle-level person. I can introduce him to work for you!" Morse said.
Wu Guangyao was taken aback. He didn't plan to recruit foreigners to manage his bank!
After pondering for a moment, Wu Guangyao decided to hire a professional banker to take care of his bank.
"Do you need me to come forward?"
"That's not necessary. With your strength, I can persuade him to move him with just a few words!"
Morse is very confident in Wu Guangyao's charm, after all, there are too many world-famous companies under Wu Guangyao.
"Well, tell him, on a small Hong Kong island, you can get out of the big bank!"
Four people and each one, the boss is really qualified this time, everyone will not doubt that the boss is bragging, after all, the boss has proved himself with many facts!
Wu Guangyao’s idea is to set up a new bank of his own, and then in the upcoming Hong Kong Island Bank run, buy one or two banks, and incorporate these banks directly into his new bank;
While Hang Seng Bank is mainly holding, the specific management is still left to He Shanheng and others. After all, HSBC's conditions are like this!
Shangri-La Hotel
Four old friends Wu Guangyao, Zhao Xi, Guan Yi, and Li Jia sat together, chatting and laughing.
It has been 18 years since Wu Guangyao came to Hong Kong Island, and the four of them have known each other for 18 years. Now everyone has changed from a young person to a middle-aged person;
The social status of the four has also risen sharply over the years!
Wu Guangyao will not say for the time being, the net worth of Guan Yi and Zhao Xi at this time is no worse than that of Li Chaoren, Li Zhaoji and others at this time!
But the industry the two are engaged in-trade, has decided that in the future, they can only be middle-rich people on Hong Kong Island, and there will be real estate business!
Li Jia is an important person who has not left the HSBC loan project department for many years, but has finally been promoted to the top five in the department.
Wu Guangyao entertained everyone this time. Gathering was a purpose, and he also wanted to bring Li Jia to his bank.
Li Jia has good abilities, and he has worked at HSBC for so many years. This is the talent Wu Guangyao needs.
"Brother Li, I plan to set up a bank. You are the position of loan manager!" Wu Guangyao went straight to the point.
Everyone was stunned, you have to ask Li Jia whether or not to agree!
But soon everyone understood that Li Jia has no shares in HSBC, and Wu Guangyao's strength is greater than HSBC. Li Jia has no reason to refuse!
"When do you go to work?" After three seconds passed, Li Jia said directly.
If Wu Guangyao asked this question 10 years ago, Li Jia felt he would hesitate;
Now Wu Guangyao's several large companies are all world-renowned companies, and HSBC may not be better than one of them;
Moreover, Wu Guangyao’s status on Hong Kong Island means that the Governor dare not move him because the Chinese already regard him as a Chinese leader.
Wu Guangyao said: "You can go to work after the handover is completed, but my bank is still in preparation!"
Li Jia said: "Okay! Would you like to tell Sandus!"
Li Jia knows that Wu Guangyao and Sundashi are good friends, and they are also allies. That’s why I said this!
"Well, it's time to talk to Sandus!"
In a few words, it was confirmed that Li Jia would join!
The loan department is a relatively important department of the bank, but for Wu Guangyao, it is not so important;
There are three main reasons for :
First, I know when those industries are prosperous and winter, so I can remind the people in the loan department to pay attention to the direction of choice.
Second, in Wu Guangyao’s vision, his bank’s biggest source of income is speculation in gold spot or futures, and oil futures; as long as the leverage is small and Wu Guangyao knows the big market, I believe it will make a lot of profits.
Thirdly, the stock market is also a source of profit for one's own bank. Of course, it is not to use bank money to speculate, but to set up a fund to speculate in stocks.
To sum up, Wu Guangyao believes that his bank must have the hope of becoming a big bank.
(End of this chapter)
Chapter 367Bank! Bank! The run on Chinese banks on Hong Kong Island in 1961 fully exposed the weakness of the Hong Kong government's serious lack of legal protection and its non-intervention policy;Because there is no legal restriction, the operating methods of Liao Chongxing Bank are legal;If measured by international banking practices, the bank's operations are obviously extremely irregular:First of all, engaged in a large number of non-banking businesses, such as real estate speculation;Secondly, the interest rate stipulated is much higher than the interest rate agreement of the trade association;Finally, there was not enough working capital reserved for daily operations.The Liao Chong Hing Bank incident has caused the Hong Kong government to be criticized by all walks of life, especially the banking sector!So in 1962, the Governor of Hong Kong Berliji invited Tomkins, a British banking law expert, to visit Hong Kong Island;Tomkins submitted the Tomkins' report after many inspections and visits.Subsequently, the Hong Kong government revised the Banking Regulations, which was formally implemented last year November 1964.The new regulations set specific and strict regulations on the definition of banking business and the obligations that banks should undertake;For example, the bank's minimum net assets should not be less than 5 million Hong Kong dollars, and the proportion of liquidity should not be less than 25%, etc.In the same year, the Hong Kong Island Banking Association surpassed all obstacles and accomplished a very meaningful event;Members and non-members sat together and reached an interest rate agreement on deposits and loans, which stipulated the highest deposit and loan interest rates;This agreement, the silver account must also abide by!The banking industry on Hong Kong Island has finally become a little more formal. Of course, to become more formal, the three-tier financial system in the 1980s has to be introduced.It is strange to say that every time a bank run on Hong Kong Island occurs, the banks that occur are all Chinese banks;In fact, there is a reason for this. Large foreign banks have been basically operating in accordance with international practices and inter-bank agreements;While the Chinese bank emerged from the silver name, it was either contaminated with the legacy of the silver name or could not adapt to the banking practices;Some people even complained that the British got stuck on their necks.This has caused only three Hong Kong Island Banks to truly belong to Chinese-funded banks in the future!The rest either closed down, or turned to major foreign banks!.This is the so-called hard to return. The new regulations of the Hong Kong government and the agreement of the trade association cannot fundamentally change the status quo, and the bad habits' have even worsened;As far as Wu Guangyao knows, during the four-year period from 1961 to 1964, Chinese banks and banks lent a lot to real estate; what's more, they directly participated with depositors' money.When Liao Chong Hing Bank had a run, these people gloated and never thought that bad luck would fall to them.Wu Guangyao's private advisory group has only four people since its establishment. They are:Hollande, British nationality, legal consultant, well-known barrister in London, part-time barrister of Kayla Law Firm.Bensheng Rong, management consultant, part-time president of Fengxiang Lao, often goes abroad for further studies these years.Jonas, an M&A expert and former Ford executive, has participated in a number of Ford acquisition projects; Wu Guangyao's industries have basically undergone mergers and acquisitions of other companies every one or two months. Jonah Sis can be regarded as a lot of hard work.Morse, financial consultant, senior executive of a famous American financial management company, PhD in finance; established a financial company on Hong Kong Island, the main shareholder is Wu Guangyao, and he is a minority shareholder; the scope of business is a bit like a later HSBC subsidiary -Victory Finance Company, mainly a finance company assisting in the acquisition.The four came to Wu Guangyao's office and sat together waiting for the boss to speak."I plan to open a bank of my own. You recently helped me pay attention to the talents in this area!" Wu Guangyao said.The faces of the four of them were immediately pleasantly surprised, and they were all thinking that the boss has opened up!It turns out that the four of them have a better understanding of all the industries under Wu Guangyao;Everyone once agreed that BOSS should have its own bank;And Hong Kong Island is a free trade port, very suitable for opening a bank.However, the boss has never had this idea for various reasons, so everyone is more helpless!"BOSS, I have a classmate who works for Citibank, and he is still a promising middle-level person. I can introduce him to work for you!" Morse said.Wu Guangyao was taken aback. He didn't plan to recruit foreigners to manage his bank!After pondering for a moment, Wu Guangyao decided to hire a professional banker to take care of his bank."Do you need me to come forward?""That's not necessary. With your strength, I can persuade him to move him with just a few words!"Morse is very confident in Wu Guangyao's charm, after all, there are too many world-famous companies under Wu Guangyao."Well, tell him, on a small Hong Kong island, you can get out of the big bank!"Four people and each one, the boss is really qualified this time, everyone will not doubt that the boss is bragging, after all, the boss has proved himself with many facts!Wu Guangyao's idea is to set up a new bank of his own, and then in the upcoming Hong Kong Island Bank run, buy one or two banks, and incorporate these banks directly into his new bank;While Hang Seng Bank is mainly holding, the specific management is still left to He Shanheng and others. After all, HSBC's conditions are like this!Shangri-La HotelFour old friends Wu Guangyao, Zhao Xi, Guan Yi, and Li Jia sat together, chatting and laughing.It has been 18 years since Wu Guangyao came to Hong Kong Island, and the four of them have known each other for 18 years. Now everyone has changed from a young person to a middle-aged person;The social status of the four has also risen sharply over the years!Wu Guangyao will not say for the time being, the net worth of Guan Yi and Zhao Xi at this time is no worse than that of Li Chaoren, Li Zhaoji and others at this time!But the industry the two are engaged in-trade, has decided that in the future, they can only be middle-rich people on Hong Kong Island, and there will be real estate business!Li Jia is an important person who has not left the HSBC loan project department for many years, but has finally been promoted to the top five in the department.Wu Guangyao entertained everyone this time. Gathering was a purpose, and he also wanted to bring Li Jia to his bank.Li Jia has good abilities, and he has worked at HSBC for so many years. This is the talent Wu Guangyao needs."Brother Li, I plan to set up a bank. You are the position of loan manager!" Wu Guangyao went straight to the point.Everyone was stunned, you have to ask Li Jia whether or not to agree!But soon everyone understood that Li Jia has no shares in HSBC, and Wu Guangyao's strength is greater than HSBC. Li Jia has no reason to refuse!"When do you go to work?" After three seconds passed, Li Jia said directly.If Wu Guangyao asked this question 10 years ago, Li Jia felt he would hesitate;Now Wu Guangyao's several large companies are all world-renowned companies, and HSBC may not be better than one of them;Moreover, Wu Guangyao's status on Hong Kong Island means that the Governor dare not move him because the Chinese already regard him as a Chinese leader.Wu Guangyao said: "You can go to work after the handover is completed, but my bank is still in preparation!"Li Jia said: "Okay! Would you like to tell Sandus!"Li Jia knows that Wu Guangyao and Sundashi are good friends, and they are also allies. That's why I said this!"Well, it's time to talk to Sandus!"In a few words, it was confirmed that Li Jia would join!The loan department is a relatively important department of the bank, but for Wu Guangyao, it is not so important;There are three main reasons for :First, I know when those industries are prosperous and winter, so I can remind the people in the loan department to pay attention to the direction of choice.Second, in Wu Guangyao's vision, his bank's biggest source of income is speculation in gold spot or futures, and oil futures; as long as the leverage is small and Wu Guangyao knows the big market, I believe it will make a lot of profits.Thirdly, the stock market is also a source of profit for one's own bank. Of course, it is not to use bank money to speculate, but to set up a fund to speculate in stocks.To sum up, Wu Guangyao believes that his bank must have the hope of becoming a big bank.End of this chapter
