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.[3] Since end of 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.
OCBC Wing Hang Bank Limited Banco OCBC Weng Hang S.A.
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 acquired Wing Hang in 2014 for $6.23 billion SGD.[4] 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.[5][6]
On 1 October 2014, Wing Hang Bank was re-branded as OCBC Wing Hang to reflect its integration into the OCBC family.[7]
Management
Board of Directors
The board comprises the chairman, 3 executive directors, 2 non-executive directors and 3 non-executive independent directors.[8]
Chairman: Dr Fung Yuk Bun Patrick
Executive directors:
Ms Au-Yeung Lai Ling Ivy Chief Executive
Non-executive directors
Mr Samuel Tsien
Ms Wong Pik Kuen Helen
Non-executive independent directors
Mr Chim Wai Kin
Dr Khoo Cheng Hoe Andrew
Mr Ooi Sang Kuang
Mr Soon Tit Koon
Operations
OCBC 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 the holding bank and its subsidiaries in Hong Kong and China.
In its Hong Kong operations, it runs 5 wealth management centres and a network of branches across Hong Kong. There are 10 branches in Hong Kong island, 12 in Kowloon and 7 in New Territories, making a total of 29 branches.[9]
Its wholly owned subsidiary, OCBC Wing Hang Bank (China) has a network of branches in Shenzhen, Guangzhou, Shanghai, Beijing, Chengdu 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.
^ ab"Hong Kong's 20 largest licensed banks 2013" (PDF). Hong Kong Business. Retrieved 15 August 2014.
^"OCBC succeeds in bid to acquire HK's Wing Hang Bank". The Straits Times. 30 July 2014. Retrieved 15 August 2014.
^"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. 29 July 2014. Retrieved 15 August 2014.
^"OCBC owns 97.52pc of Wing Hang allowing it to delist lender". The Malay Mail Online. 30 July 2014. Retrieved 15 August 2014.
^. OCBC. Archived from the original on 29 September 2014. Retrieved 6 September 2014.
ocbc, wing, hang, bank, limited, chinese, 華僑永亨銀行, formerly, wing, hang, bank, limited, licensed, bank, with, head, office, hong, kong, where, eighth, biggest, bank, total, assets, since, july, 2014, wing, hang, bank, been, subsidiary, oversea, chinese, banking. 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 3 Since end of 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 OCBC Wing Hang Bank Limited Banco OCBC Weng Hang S A TypeSubsidiaryFoundedCanton Republic of China 1937 HeadquartersHong Kong MacauKey peopleIvy Au Yeung 1 CEPatrick Fung ChairmanProductsBanks credit cardsOperating incomeHKD6 4 billion 2019 2 Net incomeHKD2 5 billion 2019 2 Total assetsHKD297 billion 2019 2 Number of employees2 000 2013 3 ParentOCBC BankWebsiteocbcwhhk comOCBC Wing Hang BankTraditional Chinese華僑永亨銀行Simplified Chinese华侨永亨银行TranscriptionsStandard MandarinHanyu PinyinYǒngheng YinhangYue CantoneseJyutpingwing5 hang1 ngan4 hong4 Contents 1 History 1 1 Acquisition by OCBC 2 Management 2 1 Board of Directors 3 Operations 4 Subsidiaries 5 References 6 External linksHistory Edit 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 Edit Singapore s OCBC Bank acquired Wing Hang in 2014 for 6 23 billion SGD 4 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 5 6 On 1 October 2014 Wing Hang Bank was re branded as OCBC Wing Hang to reflect its integration into the OCBC family 7 Management EditBoard of Directors Edit The board comprises the chairman 3 executive directors 2 non executive directors and 3 non executive independent directors 8 Chairman Dr Fung Yuk Bun Patrick Executive directors Ms Au Yeung Lai Ling Ivy Chief Executive Non executive directors Mr Samuel Tsien Ms Wong Pik Kuen Helen Non executive independent directors Mr Chim Wai Kin Dr Khoo Cheng Hoe Andrew Mr Ooi Sang Kuang Mr Soon Tit KoonOperations EditOCBC 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 the holding bank and its subsidiaries in Hong Kong and China In its Hong Kong operations it runs 5 wealth management centres and a network of branches across Hong Kong There are 10 branches in Hong Kong island 12 in Kowloon and 7 in New Territories making a total of 29 branches 9 Its wholly owned subsidiary OCBC Wing Hang Bank China has a network of branches in Shenzhen Guangzhou Shanghai Beijing Chengdu 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 Edit 10 Banco OCBC Weng Hang S A Honfirst Investment Ltd OCBC Wing Hang Bank China Ltd OCBC Wing Hang Bank Nominees Ltd Wing Hang Bank Trustee Ltd OCBC Wing Hang Credit Ltd Wing Hang Finance Co Ltd OCBC Wing Hang Insurance Agency Ltd OCBC Wing Hang Insurance Brokers Ltd OCBC Wing Hang Shares Brokerage Co Ltd Inchroy Credit Corporation Ltd References Edit https www ocbcwhhk com whb webpages cmh files Media 20Release 2021 20210426 eng press release pdf bare URL PDF a b c OCBC Wing Hang Bank 2019 Annual Report a b Hong Kong s 20 largest licensed banks 2013 PDF Hong Kong Business Retrieved 15 August 2014 OCBC succeeds in bid to acquire HK s Wing Hang Bank The Straits Times 30 July 2014 Retrieved 15 August 2014 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 29 July 2014 Retrieved 15 August 2014 OCBC owns 97 52pc of Wing Hang allowing it to delist lender The Malay Mail Online 30 July 2014 Retrieved 15 August 2014 OCBC Announce OCBC Archived from the original on 29 September 2014 Retrieved 6 September 2014 Corporate information Retrieved on 2018 09 29 Branch Locations Major subsidiaries Retrieved 2018 09 29 Other referencesFeng Bangyan 2002 A Century of Hong Kong Financial Development Joint Publishing Hong Kong ISBN 962 04 2129 9 Wikimedia Commons has media related to Wing Hang Bank External links Edit Banks portalocbcwhhk com ocbcwhmac com ocbc com cn Retrieved from https en wikipedia org w index php title OCBC Wing Hang Bank amp oldid 1139091134, wikipedia, wiki, book, books, library,
