Hang Seng Bank
 Managing wealth for you, with you. | |
| Type | Public |
|---|---|
| Traded as |
SEHK: 0011, OTC Pink: HSNGY |
| Industry | Finance and Insurance |
| Founded | 3 March 1933 |
| Headquarters | 83 Des Voeux Road, Central, Hong Kong |
| Key people |
|
| Products | Financial Services |
| Employees | over 9,600 |
| Parent | HSBC Group (62.14%) |
| Website | www.hangseng.com |
Hang Seng Bank Limited (Chinese: 恒生銀行有限公司) is Hong Kong based banking and financial services company with headquarters in Central, Hong Kong. It is one of Hong Kong’s leading public companies in terms of market capitalization and primary part of HSBC Group which holds holds a majority equity interest in the bank.[1]
Hang Seng Bank is a commercial bank whose major business activities include retail banking, wealth management, commercial banking, treasury services, and private banking.[1] Hang Seng Bank operates a network of around 220 branches in Hong Kong.[1] It also has a wholly owned subsidiary in mainland China, Hang Seng Bank (China) Limited which has a network of 46 branches and sub branches.[2]
It established the Hang Seng Index as a public service in 1969 and this stock market index is now generally known as the primary indicator of the Hong Kong stock market.[3]
History
Hang Seng Bank, which in Cantonese means "ever-growing bank", was originally founded as Hang Seng Ngan Ho by S. H. Ho and three business partners in 1933.[4][4] Hang Seng Bank commenced business as a simple money-changing shop at 70 Wing Lok Street, Sheung Wan, Hong Kong on 3 March 1933.[5] In 1952, Hang Seng Bank became a private company and embarked on commercial banking.[6] Hang Seng Bank turned into a public company in 1960.[6] In 1965, Hang Seng Bank suffered from bank run of which depleted almost one-fourth of its deposits. Because of that, The Hongkong and Shanghai Banking Corporation (HSBC) acquired a 51% interest of Hang Seng Bank, subsequently increased to 62.14% and owned the controlling power of Hang Seng Bank.[6]
In 1969, The Hang Seng Index was introduced as a public service.[3] The Hang Seng Index is now generally known as the indicator of the Hong Kong stock market.[3] Hang Seng Bank was listed on the Hong Kong Stock Exchange in 1972.[6] In 1981, Hang Seng Bank was given permission to run branches in MTR stations.[6] Hang Seng Bank began to extend its business to mainland China in 1985.[6] Hang Seng Bank started its mainland China service with the opening of a representative office in Shenzhen.[6] After 10 years (1995), Hang Seng Bank finally opened its first mainland China branch in Guangzhou.[6]
In 2002, Hang Seng Bank launched personal e-Banking in Mainland China.[7] Hang Seng Bank opened its branch in Macau in 2003.[6] In 2006, Hang Seng Bank received authorization to get ready for the formation of its mainland China subsidiary bank.[6] Within the same year, Hang Seng Bank introduced a brand revitalization program and presented a new company slogan – Managing wealth for you, with you.[6]
The year, 2007 was significant to Heng Seng Bank. The China Banking Regulatory Commission (CBRC) authorized the formation of Hang Seng Bank (China) Limited, the mainland China subsidiary bank of Heng Seng Bank.[6] Which was established on 28 May 2007.[2] In November, Heng Seng Bank opened its new Hong Kong office at MegaBox (shopping mall), Kowloon Bay.[6] Hang Seng Bank became the first bank in Hong Kong to fix the renminbi (RMB) prime rate in 2010.[6]
In February 2012, Hang Seng Bank introduced the world's first RMB gold exchange-traded fund (ETF).[6][8] The brand value of Hang Seng Bank was ranked 65th globally in the 2012 Brand Finance Banking 500, the highest ranking for Hong Kong banks.[9]
Overview
Hang Seng Bank is a commercial bank whose major business activities include retail banking and wealth management, corporate and commercial banking, treasury services, and private banking.[1] Hang Seng Bank operates a vast network of around 220 service outlets in Hong Kong.[1] Hang Seng Bank is the only local bank to offer extensive branch services along Mass Transit Railway (MTR) stations in order to better serve its customers.[5]
Hang Seng Bank established its wholly owned subsidiary Hang Seng Bank (China) Limited in 2007.[2] Hang Seng Bank (China) runs a mainland China network of 46 outlets in Beijing, Shanghai, Guangzhou, Shenzhen, Dongguan, Fuzhou, Nanjing, Hangzhou, Ningbo, Tianjin, Kunming, Foshan, Zhongshan, Huizhou, Xiamen, Zhuhai and Jiangmen with 12 branches and 34 sub-branches.[2] For foreign currency wholesale business, Hang Seng Bank maintains branches in Shenzhen, Macau and Singapore, and also a representative office in Taipei.[1]
The current Chairman is Dr. Raymond Ch'ien Kuo Fung.[10] The current Vice-Chairman and Chief Executive Officer (CEO) is Ms. Rose Lee Wai Mun.[10]
Corporate Governance
Hang Seng Bank sticks to high standards of corporate governance with a vision of protecting the interests of its shareholders, customers, employees and other stakeholders.[11] Hang Seng Bank has followed all the code provisions, the module on “Corporate Governance of Locally Incorporated Authorized Institutions” under the Supervisory Policy Manual issued by the Hong Kong Monetary Authority, and most of the suggested best practices as mentioning in the Code on Corporate Governance Practices enclosed in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited all over the year.[11]
Corporate Responsibility
Hang Seng Bank contributes on a wide range of community services and donation programs.[12] The main contribution to the society is its direct economic support.[13] Hang Seng Bank aims at helping individuals and businesses to meet their financial needs as being a trusted banking and wealth management partner of over half of the Hong Kong's adult population.[13] Hang Seng Bank uses its power, inspiration and knowledge to give back to the society.[13] Over the past decade, Hang Seng Bank has spent more than HKD 217 million in donations and community supports in a number of educational, environmental, social welfare, sports development and arts programs.[13] The involvement of Hang Seng Bank in the society does not end with financial assistance.[13] Hang Seng Bank also focuses on constructing strategic partnerships with non-governmental organizations (NGO) to reach its long-term social development goals and motivates its employees to be volunteers to serve in the community.[13]
Hang Seng Bank promotes greater environmental responsibility.[14] Hang Seng Bank takes steps to reduce its resource consumption and encourages its suppliers and customers to act as the same through its policies and services.[14] Beginning with its headquarters building in 2005, Hang Seng Bank has led the way in attaining ISO 14001 certification among local banks in Hong Kong.[14] In 2011, Hang Seng Bank was the first local bank to achieve this globally recognized environmental accreditation for its all Hong Kong offices and branches.[14] Apart from that, Hang Seng Bank continues to increase the environmental knowledge of its employees through talks, workshops and volunteer activities arranged with local green groups.[14] Hang Seng Bank also encourages its employees to act as ambassadors for the environment to spread out positive green messages among their families, friends and social peers.[14]
Controversies
In spring 2013, bad debtors and cyber bullies Wendy Yuen (Hang Seng Bank) and her friend certified public accountant Alice Wong (YY Chui & Company) refused to pay tuition fees for their 8-year-old daughters, then primary 3 pupils at Diocesan Girls Junior School in Jordan, and in addition attacked the tutor online more than 300 times for more than 12 months, making it impossible for the tutor to find work. The debt has not yet been paid and the attacks are ongoing as of January 2014.
'Don't be crazy like Wendy' has become a catchphrase at Hang Seng Bank because of the crazy behaviour of Wendy Yuen, who reportedly sometimes attacks the tutor at 3am as well as during official work hours.
See also
- Hang Seng Index
- HSBC Group
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Bank Profile and History". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
- ↑ 2.0 2.1 2.2 2.3 "Profile and History". Hang Seng Bank. Hang Seng Bank (China) Limited. Retrieved 2 April 2013.
- ↑ 3.0 3.1 3.2 "Company Profile". Hang Seng Indexes. Hang Seng Indexes Company Limited. Retrieved 2 April 2013.
- ↑ 4.0 4.1 Wong, Wendy Siuyi (November 2000). "The Rise of Consumer Culture in a Chinese Society: A Reading of Banking Television Commercials in Hong Kong During the 1970s". Mass Communication and Society 3 (4): 393–413. doi:10.1207/S15327825MCS0304_04. Retrieved 2 April 2013.
- ↑ 5.0 5.1 "Hang Seng Bank: Hang Seng Celebrates 80 Years of Service Excellence". Hong Kong Government News. 3 Mar 2013. Retrieved 2 April 2013.
- ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.13 6.14 "Major Milestones 1933 - 2012". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
- ↑ Chen, Z.; D. Li; F. Moshirian (August 2005). "China's financial services industry: The intra-industry effects of privatization of the Bank of China Hong Kong". Journal of Banking and Finance 29 (8-9): 2291–2324. doi:10.1016/j.jbankfin.2005.03.016. Retrieved 2 April 2013.
- ↑ "HANG SENG BANK TO LAUNCH FIRST RMB-DENOMINATED GOLD ETF". Asia Pulse. 01 Feb 2012. Retrieved 2 April 2013.
- ↑ "Financial Strength". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
- ↑ 10.0 10.1 "Board of Directors". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
- ↑ 11.0 11.1 "Corporate Governance". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
- ↑ "Community". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
- ↑ 13.0 13.1 13.2 13.3 13.4 13.5 "Our Commitment Community". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
- ↑ 14.0 14.1 14.2 14.3 14.4 14.5 "Environmental Performance". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
External links
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