Wing Hang Bank

Type: Public
On the web: http://www.whbhk.com
Employees: 3,153

Wing Hang Bank is flying high as one of Hong Kong's largest lenders. The bank offers retail banking, with a focus on mortgage lending, as well as consumer finance services, leasing, wealth management, insurance, securities brokerage, corporate banking, and treasury services. Wing Hang Bank has about 60 locations throughout Hong Kong, Macao and mainland China. The bank was founded in 1937 as a money-changing business. Chairman Patrick Fung and his family control Wing Hang Bank. It also is affiliated with The Bank of New York Mellon, which holds a 20% stake.

Key numbers for fiscal year ending 2008:
Sales: $488.2M
One year growth: 15.8%
Net income: $149.8M
Income growth: (42.5%)

Officers:
Chairman and CEO: Patrick Y. B. Fung
Deputy Chief Executive: Banking - Asia & Australia

Competitors:
Dah Sing Banking
Hang Seng Bank
Wing Lung Bank

Wing Hang Bank Limited
Banco Weng Hang S.A.

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 (ChT: 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

The bank was founded in 1937 in Guangzhou, and opened its first branch in Macau in 1941. It was incorporated as a banking company in 1960.

Irving Trust acquired a majority stake in 1973, but when Irving Trust merged with Bank of New York in 1988, the latter gradually started to sell down its stake in Wing Hang. As of 2005, the Bank of New York owns 20% of Wing Hang Bank.

Wing Hang acquired Chekiang First Bank in 2003 for HK$4.8 billion. At the time, Wing Hang had 27 branches in Hong Kong and 11 branches in Macau through its Macau subsidiary. It also had a branch office in Shenzhen and representative offices in Guangzhou and Shanghai. As of 31 December, 2002, Wing Hang had total assets of HK$57.1 billion.

References

• Feng, Bangyan; (2002). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. ISBN 962-04-2129-9.

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External links

• Official site
• Official site of Banco Weng Hang (Macau)

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