The timber industry in Sibu flourished during the 1940s and 1950s and its economic importance surpassed rubber plantations in the 1960s. Several global timber conglomerates such as the Rimbunan Hijau Group, Ta Ann Holdings Berhad, Sanyan Group, WTK, The Sarawak Company, and Asia Plywood Company set up their headquarters in Sibu. Timber processing and exports become the main economic driving force in Sibu. Development of the timber industry in Sibu has been supported by loans given by the earliest Chinese banks in Sibu such as Wah Tat Bank (1929), Hock Hua Bank (1952), and Kong Ming Bank (1965). Following the introduction of "Banking and Financial Institutions Act of 1989" (BAFIA) by the Malaysian federal government, Kong Ming Bank was acquired by EON Bank in 1992, followed by the merger of Wah Tat Bank with Hong Leong Bank and the merger of Hock Hua Bank with Public Bank Berhad in the year 2000. In 1958, HSBC started its banking operation in Kuching, followed by Sibu in 1959. It was responsible for supporting several timber conglomerates in Sibu such as WTK and Ta Ann Holdings Berhad. In November 2013, HSBC decided to close down all its commercial banking sectors in Sarawak after the bank was alleged for supporting non-sustainable logging operations in Sarawak.