Wing Hang Bank 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.

A majority stake was acquired by the Irving Trust in 1973, but when the Irving Trust was merged with the 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, which expanded its branch network to over 50 branches. The bank is particularly aggressive in selling unsecured personal loans with its Wing Hang Finance unit.

References

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

External links

Official site