Hang Seng Bank
Encyclopedia
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
in Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
. It is a listed company but it is majority owned (62.14% equity interest) by the HSBC Group via The Hongkong and Shanghai Banking Corporation. Hang Seng is also one of the constituent shares of the Hang Seng Index
Hang Seng Index
The Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong...
. The current vice-chairman and CEO is Margaret Leung Ko May Yee.
Former CEO Vincent Cheng has been appointed to be the Chairman of the Hongkong and Shanghai Banking Corporation, and took up the post on May 25, 2005. Its headquarters are in Central
Central, Hong Kong
Central is the central business district of Hong Kong. It is located in Central and Western District, on the north shore of Hong Kong Island, across Victoria Harbour from Tsim Sha Tsui, the southernmost point of Kowloon Peninsula...
.
History
- 1933 Hang Seng opens as a simple money-changing shop in Hong Kong.
- 1952 Hang Seng becomes a limited companyLimited companyA limited company is a company in which the liability of the members or subscribers of the company is limited to what they have invested or guaranteed to the company. Limited companies may be limited by shares or by guarantee. And the former of these, a limited company limited by shares, may be...
engaged in commercial banking. - 1960 Hang Seng Bank becomes a public companyPublic companyThis is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
. - 1965 Hang Seng Bank suffered a bank runBank runA bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...
that depleted approximately one-fourth of its deposits. The Hongkong and Shanghai Banking Corporation (HSBCHSBCHSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
) acquires 51% of Hang Seng Bank at HKD 51 million. - 1972 Hang Seng Bank lists on the Hong Kong Stock Exchange.
- 1985 Hang Seng Bank opens a representative office in ShenzhenShenzhenShenzhen is a major city in the south of Southern China's Guangdong Province, situated immediately north of Hong Kong. The area became China's first—and one of the most successful—Special Economic Zones...
, in the PRCPeople's Republic of ChinaChina , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
. - 1995 Hang Seng Bank opens its first branch on the Mainland, in GuangzhouGuangzhouGuangzhou , known historically as Canton or Kwangchow, is the capital and largest city of the Guangdong province in the People's Republic of China. Located in southern China on the Pearl River, about north-northwest of Hong Kong, Guangzhou is a key national transportation hub and trading port...
. - 1997 Hang Seng Bank opens a branch in ShanghaiShanghaiShanghai is the largest city by population in China and the largest city proper in the world. It is one of the four province-level municipalities in the People's Republic of China, with a total population of over 23 million as of 2010...
. - 2003 Hang Seng Bank opens a branch each in NanjingNanjing' is the capital of Jiangsu province in China and has a prominent place in Chinese history and culture, having been the capital of China on several occasions...
and MacauMacauMacau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
. - 2004 Hang Seng Bank acquires 15.98% of Industrial Bank (China)Industrial Bank (China)Industrial Bank was the old short name that was more commonly used in China from June 2001 until March 3, 2003 for Industrial Bank Co.The former Fujian Industrial Bank was established on August 26, 1988, and had its first name change in June 2001, renaming itself as Fujian Industrial Bank...
, in FujianFujian' , formerly romanised as Fukien or Huguing or Foukien, is a province on the southeast coast of mainland China. Fujian is bordered by Zhejiang to the north, Jiangxi to the west, and Guangdong to the south. Taiwan lies to the east, across the Taiwan Strait...
, and opens a branch in FuzhouFuzhouFuzhou is the capital and one of the largest cities in Fujian Province, People's Republic of China. Along with the many counties of Ningde, those of Fuzhou are considered to constitute the Mindong linguistic and cultural area....
. - 2005 Hang Seng Bank upgrades its Beijing representative office to a branch.
- 2007 Hang Seng Bank (China) Company Limited started operations.
See also
- Hang Seng IndexHang Seng IndexThe Hang Seng Index is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong...
- Hang Seng School of CommerceHang Seng School of CommerceHang Seng School of Commerce is a business school in Hong Kong located in Siu Lek Yuen, Sha Tin, New Territories.Under the new schoolling structure in Hong Kong, the advanced-level matriculation courses will no longer exist in 2012/13. Therefore, the School has decided to launch its own degree...