Wing Lung Bank headquarters. This view is from the
Connaught Road Central side of the bank building, taken from Exchange Square.
Wing Lung Bank (Chinese: 永隆銀行) (former stock no: HKEX: 96) is a middle-sized bank in Hong Kong. As of 2004, it has 37 branches, including one branch in Los Angeles and one branch in the Cayman Islands.[2]
The bank was founded in 1933 by the Wu Yi Sun (Chinese: 伍宜孫) family, which owned a majority stake in the bank. It was listed in Hong Kong since 1980. It currently employs 1,200 people and has assets of around HK$70 billion.
In 2008, China Merchants Bank purchased 53.12 percent of Wing Lung Bank's equity and became the largest shareholder of the bank. Ma Weihua (China Merchants Bank's president) and Zhang Guanghua (China Merchants Bank's vice president) were appointed to be the chairman and vice chairman of Wing Lung Bank respectively.[3]
In 2009, China Merchants Bank acquired the remaining shares of Wing Lung Bank, and it became a wholly-owned subsidiary of China Merchants Bank. It was delisted from the Hong Kong Stock Exchange after 16 January 2009.[4] In May 2009, Wing Lung Bank adopted the logo of China Merchants Bank.
Business areas
Wing Lung Bank is among the oldest local Chinese banks in Hong Kong. The bank provides comprehensive banking services, including deposits, loans, foreign exchange, credit cards, Internet banking, and wealth management. Through subsidiaries, the bank also provides hire-purchase and leasing, trustee, futures broking, securities broking services, insurance sales, and underwriting.
Wing Lung Bank has about 40 banking offices, primarily in China; it also operates through overseas branches in Los Angeles and the Cayman Islands.
History
1933 Wing Lung Ngan Ho, as the indigenous bank was then called, opened for business on 25 February 1933 at 37 Bonham Strand East, Hong Kong with an initial capital of HK$44,500. The business of the Bank then comprised money exchange, remittances, deposits, and the buying and selling of stocks and shares, gold bullion and Chinese Government bonds for customers. The business of the Bank grew with the years.
1937 In order to cope with the Bank's growing business, the Bank moved to more spacious premises at 112 Queen's Road, Central, Hong Kong.
1941 The Pacific War broke out and Hong Kong was occupied by the Japanese. The Bank evacuated Hong Kong, and some of the staff moved to Macau where the Bank continued its business; the rest of the staff moved to Liuzhou, Guangxi, China where the "Wing Lung Jewelry & Gold Dealers" was established. In these two places the Bank continued to repay its depositors, whose confidence in the Bank was maintained.
1945 The Bank resumed operations in Hong Kong after the conclusion of the War.
1950 The Bank joined the Hong Kong Bankers' Clearing House.
1952 The Bank began to engage in documentary bill operations. In the same year the redevelopment of the Bank's old head office building was completed.
1953 The Bank became the general agent of The National Insurance Company of New Zealand Ltd for Hong Kong and Macau.
1956 The Bank was incorporated as a limited company. To cope with expanding business and the increase in staff members, the Bank premises were extended to adjacent premises previously purchased for redevelopment purposes.
1960 The Chinese name of the Bank was changed to .
1965 The Bank's old head office building was redeveloped the third time to meet the expansion of its business activities.
1973 A joint celebration for the opening of the new head office building situated between Des Voeux Road Central through Connaught Road Central and the 40th Anniversary of the Bank was held. The 25-storey Head Office Building stands 300 ft with a total floor area of over 145,000 sq ft. In the same year, the Bank was reorganized as a public limited company and The Chartered Bank participated as a shareholder.
1975 The Bank's another property, "Bank Centre" a 25-storey office building in Mongkok, Kowloon was completed. The "Bank Centre" standing 300 ft with a total floor area of more than 245,000 sq ft also houses our Mongkok Branch. In the same year the Bank installed an on-line computer system and its deposit operations have been computerised since then. At first the Bank used the services of a computer company. In 1981 the Bank set up a Computer Centre of its own, and since then operations of all the departments have gradually been computerised.
1980 Early in the year 25% of the Bank's share capital was offered for sale to the public, and shares in the Bank began to be traded on the stock exchanges in Hong Kong.
1982 The Bank joined forces with four other local Chinese banks to set up Joint Electronic Teller Services Ltd a cooperative network to provide automated teller machine service to customers.
1984 The Bank's first overseas branch was set up in Los Angeles, California, USA.
1986 The Bank's wholly-owned subsidiary, Wing Lung Insurance Company Limited was authorised by the Government to engage in insurance business.
1987 Standard Chartered Bank withdrew its interest in the Bank and transferred 10% of the Bank's capital to the companies controlled by the Wu family as a result of its change in investment policy.
The Bank's wholly-owned subsidiary, Hongnet Limited (now known as Wing Lung Securities Limited) was established to provide securities broking services to customers.
1992 The Development Bank of Singapore Limited acquired 10% of the Bank's share capital from the companies controlled by the Wu family and participated as a shareholder.
1994 The Bank set up its Guangzhou Representative Office, its first presence in China.
1995 The Bank began to engage in credit card operation.
1996 The Bank set up an operation centre to centralize various back-office services and tasks previously handled by individual departments and branches.
A branch office was set up in the Cayman Islands, BWI to provide off-shore banking services for customers.
1998 The Bank started to provide hire-purchase and leasing services through its wholly-owned subsidiary, Wing Lung Finance Limited.
Wing Lung NET Banking was launched to deliver banking service to customers via internet.
1999 The Bank set up a Representative Office in Shanghai.
The Bank joined in a partnership with other banks to set up the Bank Consortium Trust Company Limited to tap the Mandatory Provident Fund business.
The Bank introduced securities trading service through electronic channels, "Wing Lung Automated Securities" and "Wing Lung NET Banking" Services.
2000 To expand the insurance operation, the Bank partnered with other banks to set up BC Reinsurance Limited and Hong Kong Life Insurance Limited.
2001 The Bank purchased from IBM China/Hong Kong Limited the state-of-the-art teller terminal system to enhance its service to customers.
The Bank set up Wealth Management Centre to expand its wealth management service.
2002 The paid-up capital of the Bank has been increased several times in the past by the issue of bonus shares to shareholders. At 31 December 2002, the total assets of the Bank stood at HK$61.7 billion.
2004 Being the first bank approved to set up a branch on the Mainland after the signing of the Closer Economic Partnership Arrangement (CEPA) between Mainland China and Hong Kong, the Bank opened its first Mainland branch in Shenzhen in early 2004.
DBS Bank Limited withdrew its interest in the Bank and transferred 10% of the Bank’s capital to Wu Jieh Yee Company Limited, one of the Bank’s substantial shareholders.
The new teller platform acquired from IBM China/Hong Kong Limited commenced operations upon completion of system development. Continuous efforts have been placed on the application of computer systems to meet customers’ demand for automated service channels as well as to strengthen management of various risks.
2005 The Bank set up a sub-branch in Nanshan, Shenzhen.
2006 The Bank celebrated the opening of the new building for Los Angeles Branch on a plot of land purchased by the Bank in the City of Alhambra, USA.
2007 Shenzhen Branch and Shenzhen Nanshan Sub-branch started to provide Renminbi services after obtaining approval from the China Banking Regulatory Commission.
At 31 December 2007, the total assets of the Bank stood at HK$93 billion.
2008 On 31 January 2008, the Bank signed an agreement with Yantai City Commercial Bank, the second largest city commercial bank in Shandong Province, to acquire 4.99% of Yantai City Commercial Bank’s enlarged capital and became one of the key shareholders. (The transaction has still to be approved by Yantai City Commercial Bank’s shareholders and the relevant regulatory bodies.)
The Bank has upgraded its Shanghai Representative Office to a full branch after obtaining approval from the China Banking Regulatory Commission. Shanghai Branch opened for business in early 2008.
The Bank commemorates its 75th Anniversary.
On 30 September 2008, China Merchants Bank Co., Ltd acquired a combined 53.12% stake in the Bank from the companies controlled by the Wu family. The Bank has become a member of the China Merchants Bank Group.
At present the Bank has altogether 42 banking offices and a total staff of more than 1,600. The Bank provides comprehensive banking services, including deposits, loans, bills, foreign exchange, syndicated loans, corporate financing, securities, credit cards, NET Banking, MPF, wealth management, etc. The Bank also provides hire-purchase and leasing, trustee, nominee, insurance agency and broking, insurance underwriting, futures broking and securities broking services through its wholly-owned subsidiaries.
References
External links
