IN 1918, Hong Kong witnessed the birth of an indigenous Chinese bank, Bank of East Asia.
While it may not sound special now, it was a novel idea against the backdrop where British banks and other foreign banks dominated the banking hierarchy of the day.
The revolution in China in 1911 had led to a change in the old economic structure.
As trade and industry developed, the former ''Imperial Mints'' were converted into municipal, provincial and national banks.
Commercial banks appeared and rapidly assumed major importance in the field of business. However, in Hong Kong, British and foreign banks continued to dominate banking.
The need for a bank, founded with Chinese capital, which would devote itself to the service of local and overseas Chinese business interests, was initially seen by Kan Tong-po.
As soon as World War I ended, Mr Kan and eight other leading Chinese businessmen became pioneers in the banking business in Hong Kong. On November 14, 1918, Bank of East Asia Limited was established.
