Hang Seng Bank

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Hang Seng Bank Limited
Native name
恒生銀行有限公司
Company typePublic Subsidiary
IndustryFinance and insurance
Founded3 March 1933; 91 years ago (1933-03-03)
FoundersLam Bing Yim, Ho Sin Hang, Ho Tim, and Lee Quo-wei
HeadquartersHang Seng Bank Headquarters Building, Central, Hong Kong
Key people
ProductsFinancial services
  • Increase HKD28.6 billion (2019)
[1]
Increase HKD24.8 billion (2019)[1]
Total assetsIncrease HKD1,677.0 billion (2019)[1]
Number of employees
over 9,680
ParentHSBC Group (62.14%)
Websitehangseng.com
Hang Seng Bank
Traditional Chinese恒生銀行
Simplified Chinese恒生银行
Literal meaningever-growing bank
Hang Seng Bank Limited
Traditional Chinese恒生銀行有限公司
Simplified Chinese恒生银行有限公司

Hang Seng Bank Limited (Chinese: 恒生銀行有限公司) is a 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 capitalisation and is part of the HSBC Group, which holds a majority equity interest in the bank.[2]

Hang Seng Bank is a commercial bank whose major business activities include retail banking, wealth management, commercial banking, treasury services, and private banking.[2] Hang Seng Bank operates a network of around 260 service outlets in Hong Kong.[2] 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.[3]

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.[4]

History

In 1933, business partners Lam Bing Yim (林炳炎), Ho Sin Hang, Sheng Tsun Lin (盛春霖), and Leung Chik Wai (梁植偉) founded Hang Seng Ngan Ho, the predecessor of Hang Seng Bank, in Hong Kong.[5] Hang Seng means "ever-growing" in Cantonese.[6] It commenced business as a simple money-changing shop at 70 Wing Lok Street, Sheung Wan, on 3 March 1933.[7] In 1952, Hang Seng Bank became a private company and embarked on commercial banking.[8] Hang Seng Bank converted into a public company in 1960.[8] In 1965, Hang Seng Bank suffered a bank run which depleted almost one-quarter of its reserves. As a result, The Hongkong and Shanghai Banking Corporation (HSBC) acquired a controlling 51% interest in Hang Seng Bank, which it later increased to 62.14%.[8]

In 1969, the Hang Seng Index was introduced as a public service.[4] The index is now generally known as an indicator of the Hong Kong stock market.[4] Hang Seng Bank was listed on the Hong Kong Stock Exchange in 1972.[8] In 1981, Hang Seng Bank was given permission to run branches in MTR stations.[8] Hang Seng Bank began to extend its business to China[9] in 1985,[8] with the opening of a representative office in Shenzhen.[8] Ten years later, Hang Seng Bank opened its first Chinese branch in Guangzhou.[8]

In 2002, Hang Seng Bank launched personal e-banking in Mainland China.[10] Hang Seng Bank opened its branch in Macau in 2003.[8] In 2006, Hang Seng Bank received authorisation to get ready for the formation of its mainland China subsidiary bank.[8] Within the same year, Hang Seng Bank introduced a brand revitalisation program and presented a new company slogan – Managing wealth for you, with you.[8]

2007 was significant to Hang Seng Bank: the China Banking Regulatory Commission (CBRC) authorised the formation of Hang Seng Bank (China) Limited, the mainland China subsidiary bank of Hang Seng Bank[8] which was established on 28 May 2007.[3] In November, Hang Seng Bank opened its new Hong Kong office at MegaBox, Kowloon Bay.[8] Hang Seng Bank became the first bank in Hong Kong to fix the renminbi (RMB) prime rate in 2010.[8]

In February 2012, Hang Seng Bank introduced the world's first RMB gold exchange-traded fund (ETF).[8][11] 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.[12]

Overview

Central Branch

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.[2] Hang Seng Bank operates a network of around 260 service outlets in Hong Kong.[2] Hang Seng Bank is the only local bank to offer extensive branch services along Mass Transit Railway (MTR) stations to better serve its customers.[7]

Hang Seng Bank established its wholly owned subsidiary, Hang Seng Bank (China) Limited, in 2007.[3] The subsidiary 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.[3] For foreign currency wholesale business, Hang Seng Bank maintains branches in Shenzhen, Macau and Singapore, as well as a representative office in Taipei.[2]

The current chairperson is Ms. Irene Lee.[13] The current Vice-Chairman and chief executive officer (CEO) is Ms. Diana Cesar.[13]

Current leadership

  • Chairman: Irene Lee (since May 2021)
  • Chief Executive: Diana Cesar (since September 2021)

List of former chairmen

Role of chairman began in 1952, after incorporation as a bank

  1. Ho Sin-hang (1952–1983)
  2. Sir Lee Quo-wei (1983–1996)
  3. David Eldon (1998–2005)
  4. Michael Smith (2005–2007)
  5. Raymond Ch'ien (2007–2021)

List of former CEOs

Role of CEO / general manager began in 1952, after incorporation as a bank

  1. Ho Tim (1952–1967)
  2. Sir Lee Quo-wei (1967–1987)
  3. Ho Tak-ching (1987–1993)
  4. Alexander Au (1993–1998)
  5. Vincent Cheng (1998–2005)
  6. Raymond Or (2005–2009)
  7. Margaret Leung (2009–2012)
  8. Rose Lee (2012–2017)
  9. Louisa Cheang (2017–2021)

References

  1. ^ a b c "Hang Seng Bank Annual Report 2019" (PDF).
  2. ^ a b c d e f "Bank Profile and History". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 12 February 2018.
  3. ^ a b c d "Profile and History". Hang Seng Bank. Hang Seng Bank (China) Limited. Retrieved 12 February 2018.
  4. ^ a b c "Company Profile". Hang Seng Indexes. Hang Seng Indexes Company Limited. Archived from the original on 27 March 2013. Retrieved 2 April 2013.
  5. ^ Kwan, Stanley S. K. (2009). The Dragon and the Crown. Hong Kong University Press. pp. 101–131. ISBN 9789622099555.
  6. ^ 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. hdl:10315/2476. S2CID 144182745. Retrieved 2 April 2013.
  7. ^ a b "Hang Seng Bank: Hang Seng Celebrates 80 Years of Service Excellence". Hong Kong Government News. 3 March 2013. ProQuest 1314365633.
  8. ^ a b c d e f g h i j k l m n o "Major Milestones 1933 – 2012". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
  9. ^ It is standard to refer to Hong Kong and China without the word "mainland" for events occurred during the British era, as demonstrated in this document "banknote in Hong Kong and China in 1865 to stimulate ..." [1] Archived 8 May 2018 at the Wayback Machine
  10. ^ 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. S2CID 25884792. Retrieved 2 April 2013.
  11. ^ "HANG SENG BANK TO LAUNCH FIRST RMB-DENOMINATED GOLD ETF". Asia Pulse. 1 February 2012. ProQuest 918903380.
  12. ^ "Financial Strength". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 2 April 2013.
  13. ^ a b "Board of Directors". Hang Seng Bank. Hang Seng Bank Limited. Retrieved 12 February 2018.

External links

  • Business data for Hang Seng Bank:
Retrieved from "https://mdwiki.org/wiki/Hang_Seng_Bank"