Wing Hang Bank
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| Type | Public - SEHK: 0302 |
|---|---|
| Founded | Guangzhou, Republic of China (1937) |
| Headquarters | Hong Kong, Macau |
| Key people | Patrick Fung, CEO |
| Products | Banks, credit cards |
| Employees | 2,263 (end-2003) |
| Website | www.whbhk.com/ |
Wing Hang Bank Limited (Chinese: 永亨銀行; pinyin: Yǒnghēng Yínháng) is Hong Kong's sixth biggest bank by total assets. In Macau it is known as Banco Weng Hang S.A. In fiscal 2003, the bank had total assets of HK$89 billion, and net profits of HK$864 million.
History
Wing Hang Ngan Ho was first established in 1937 by the late Mr Y K FUNG in Guangzhou to carry on the business of a money changer. Its early years were difficult due to the prevailing turbulent political and economical conditions in China. In 1945 the company re-established in Hong Kong with a capital of HK$300,000 and a staff of 19 and prospered during the post war boom. In 1960 Wing Hang Bank was incorporated and was granted a banking licence reaching the first milestone in its future growth.
In 1973 the Irving Trust Company of New York acquired a majority interest in the Bank and the partnership provided the Bank with a stronger financial base and the expertise of a major international bank. In 1979 the Head Office Building was re-developed and provided much needed modern facilities for its operations. In 1989 the Irving Trust Company merged with The Bank of New York and became a stronger and more diversified partner. In July 1993, the shares of Wing Hang Bank were listed on The Stock Exchange of Hong Kong. In August 2004, the Bank completed the merger with Chekiang First Bank, a local bank noted for its solid credit history and high quality portfolio. This acquisition provided the Bank with a greater scale and coverage in the market. In January 2007, the Bank acquired Inchroy Credit Corporation Ltd., a major financial institution engaged in the hire purchase and lease financing business. In July 2007, The Bank of New York Company Inc. merged with Mellon Financial Corporation to form The Bank of New York Mellon Corporation, further increasing its financial strength and standing in the market.
Wing Hang Bank is the holding company and the principal operating company of the Group. It provides a comprehensive range of banking and related financial services through a network of 43 branches in Hong Kong. Its wholly owned subsidiary, Wing Hang Bank (China) Limited, was established in June 2007 with a network of branches in Shenzhen, Guangzhou, Shanghai, Beijing and Zhuhai. The Group’s subsidiary, Banco Weng Hang, S.A. has been operating in Macau since 1941 and has an extensive branch network in the territory. In addition, through its other subsidiaries and affiliated companies the Group provides nominee, deposit taking, offshore banking, hire purchase, consumer financing, insurance and share brokerage services.
Wing Hang Bank Group is always dedicated to providing comprehensive services to its customers and becoming their “Preferred Bank”.
At the end of 2012, the Group’s total assets and shareholders’ funds amounted to HK$197.4 billion and HK$19.5 billion respectively, net profit attributable to shareholders for 2012 was HK$1,802.4 million.
References
- Feng, Bangyan; (2002). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. ISBN 962-04-2129-9.
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