US Bank Purchased by Shenzhen Businessman
Lin Chunping a Wenzhou businessman and a master of economics recently purchased the Atlantic Bank of America for US$ 60 million. Due to the global financial crisis the bank was forced to declare bankruptcy in 2008, with Lin beginning negotiations to purchase the bank in Delaware in 2009.
In June 2010 Lin established a company in the British Virgin Islands, and was able to buy the bank in November 2011. The bank was previously owned by Israelis and is the first time for the bank to be bought by a Chinese national. Now with capital of US$ 100 million the bank was renamed U.S.A. New HSBC Federation Consortium Inc. and has started providing financial services to local Chinese living in the area. Lin said he purchased the bank so he can communicate with high ranking officials and other financial elites in America. And with the bank he can get more opportunities to be part of forums and meetings done by large global organizations.
Lin started in Business when he was a middle school student, he studied at Shenzhen University and made his fortune transporting leather goods from Shenzhen to Wenzhou and back. At the age of 23 he suffered his first loss by failing in an air freight business and had debts of 20 million yuan. Even so his debtor lent him more money so he could get a Ph.D in Singapore. In Singapore he met the son of former U.N secretary general Kofi Annan, who in turn introduced him to doing business in Ghana.