Wing Hang Bank
Encyclopedia
Wing Hang Bank Limited 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.
, 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.
In 2010, Wing Hang Bank was allowed to issue UnionPay debit cards to its mainland customers. At that time, Wing Hang Bank (China) had already upgraded its representative offices to full branches (adding a branch in Zhuhai). It also had added sub-branches to its branches in Shenzhen, Foshan, Guangzhou, and Shanghai.
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...
's sixth biggest bank by total assets. In Macau
Macau
Macau , also spelled Macao , is, along with Hong Kong, one of the two special administrative regions of the People's Republic of China...
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 GuangzhouGuangzhou
Guangzhou , 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...
, and opened its first branch in Macau in 1941. It was incorporated as a banking company in 1960.
Irving Trust
Irving Trust
Irving Trust was a bank headquartered in New York City, and the principal subsidiary of the Irving Bank Corporation. Between 1913 and 1931, its headquarters was in the Woolworth Building; after 1931, until it was acquired by Bank of New York, its headquarters was located at One Wall Street, at...
acquired a majority stake in 1973, but when Irving Trust merged with Bank of New York
Bank of New York
The Bank of New York was a global financial services company established in 1784 by the American Founding Father Alexander Hamilton. It existed until its merger with the Mellon Financial Corporation on July 2, 2007...
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
Chekiang First Bank
Chekiang First Bank was a bank in Hong Kong. It is now merged to Wing Hang Bank. At the time of the merger with Wing Hang, Chekiang First Bank had 17 branches in Hong Kong, a wholly owned subsidiary in Luxembourg, an agency in San Francisco and a representative office in Shanghai. As of 31...
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.
In 2010, Wing Hang Bank was allowed to issue UnionPay debit cards to its mainland customers. At that time, Wing Hang Bank (China) had already upgraded its representative offices to full branches (adding a branch in Zhuhai). It also had added sub-branches to its branches in Shenzhen, Foshan, Guangzhou, and Shanghai.