OCBC Wing Hang Bank

OCBC Wing Hang Bank Limited
Banco OCBC Weng Hang S.A.
Subsidiary
Founded Canton, Republic of China (1937)
Headquarters Hong Kong, Macau
Key people
 Na Wu Beng,[1] CEO
Patrick Fung, Chairman
Products Banks, credit cards
Number of employees
 2,000 (2013)[2]
Parent OCBC Bank
Website ocbcwhhk.com
OCBC Wing Hang Bank
Traditional Chinese 華僑永亨銀行
Simplified Chinese 华侨永亨银行

OCBC Wing Hang Bank Limited (Chinese: 華僑永亨銀行), formerly Wing Hang Bank Limited is a licensed bank with its head office in Hong Kong, where it is the eighth biggest bank by total assets.[2] Since end-July 2014 Wing Hang Bank has been a subsidiary of Oversea-Chinese Banking Corporation (OCBC) of Singapore. The acquisition of Wing Hang has given OCBC a network of about 70 branches spanning Hong Kong, Macau and mainland China to add to OCBC's existing operations in Hong Kong and China.

History

OCBC Wing Hang Bank Queen's Road Central Branch in Hong Kong.

Mr Y K Fung established Wing Hang Ngan Ho in 1937 in Canton to engage in money changing. Its early years were difficult due to the turbulent political and economic conditions in China. In 1941, the firm established a subsidiary, Banco Weng Hang, in Macau.

In 1945 Wing Hang Ngan Ho re-established itself in Hong Kong with a capital of HK$300,000 and a staff of 19. The firm prospered during the post-war boom and in 1960 incorporated as Wing Hang Bank.

In 1973 the Irving Trust Company of New York acquired a majority interest in Wing Hang 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 Irving Trust Company merged with The Bank of New York. In July 1993, Wing Hang Bank listed its shares on the Hong Kong Stock Exchange. In August 2004, Wing Hang 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, 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. That same year Wing Hang established Wing Hang Bank (China).

Acquisition by OCBC

Singapore's OCBC Bank has acquired Wing Hang for $6.23 billion SGD.[3] Under the Hong Kong Companies Ordinance, OCBC Bank, with 97.52 percent of Wing Hang's shares, compulsorily acquired the bank on 29 July 2014. Wing Hang was subsequently delisted after the acquisition was completed.[4][5]

On 1 October 2014, Wing Hang Bank was re-branded as OCBC Wing Hang to reflect its integration into the OCBC family.[6]

Operations

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) has a network of branches in Shenzhen, Guangzhou, Shanghai, Beijing and Zhuhai. The Group’s subsidiary in Macao operates under the name Banco Weng Hang, and has an extensive branch network there. 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.

Subsidiaries

References

  1. ↑ "New CEO for Wing Hang Bank". Channel NewsAsia. Retrieved 6 September 2014.
  2. 1 2 "Hong Kong’s 20 largest licensed banks 2013" (PDF). Hong Kong Business. Retrieved August 15, 2014.
  3. ↑ "OCBC succeeds in bid to acquire HK's Wing Hang Bank". The Straits Times. July 30, 2014. Retrieved August 15, 2014.
  4. ↑ "Close of the Voluntary General Offer by OCBC Bank to acquire Wing Hang Bank, Limited ("WHB"). Compulsory Acquisition and Withdrawal of Listing of WHB Shares and Suspension of Trading" (PDF). OCBC Bank. July 29, 2014. Retrieved August 15, 2014.
  5. ↑ "OCBC owns 97.52pc of Wing Hang allowing it to delist lender". The Malay Mail Online. 30 July 2014. Retrieved 15 August 2014.
  6. ↑ "OCBC Announce". OCBC. Retrieved 6 September 2014.
Other references
  • Feng, Bangyan; (2002). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. ISBN 962-04-2129-9.
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