A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending mone
Hang Seng Bank Limited is the second largest
bankA bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money.Many other financial activities were allowed over time. For example banks are important players in financial markets and offer financial services such as investment funds...
in
Hong KongHong Kong , officially the Hong Kong Special Administrative Region, is a highly autonomous territory of the People's Republic of China, facing Guangdong to the north and the South China Sea to the east, west and south...
. 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 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...
. The current vice-chairman and CEO is Margaret Leung Ko May Yee.
Former CEO
Vincent ChengVincent Cheng Hoi-Chuen GBS OBE JP is Chairman of The Hongkong and Shanghai Banking Corporation Limited. He is the first Chinese Chairman of the Bank.-Early Years & Education:...
has been appointed to be the Chairman of The Hongkong and Shanghai Banking Corporation, and took up the post on May 25 2005.
History
- 1933 Hang Seng opens as a simple money-changing shop in Hong Kong.
- 1952 Hang Seng becomes a limited company
A limited company in the United Kingdom or Ireland is a corporation whose liability is limited by shares , which is the most common form of privately held company. Its equivalent in Australia is Proprietary company...
engaged in commercial banking.
- 1960 Hang Seng Bank becomes a public company
A publicly-traded company is a company that has permission to offer its registered securities for sale to the general public, typically through a stock exchange, or occasionally a company whose stock is traded over the counter via market makers who use non-exchange quotation services.-Securities...
.
- 1965 The Hongkong and Shanghai Banking Corporation (HSBC
HSBC Holdings plc is a public limited company incorporated in England and Wales in 1990, and headquartered in London since 1993. As of 2009, it is both the world's largest banking group and the world's 6th largest company according to a composite measure by Forbes magazine.Hong Kong which served as...
) acquires 51% of Hang Seng Bank.
- 1972 Hang Seng Bank lists on the Hong Kong Stock Exchange.
- 1985 Hang Seng Bank opens a representative office in Shenzhen
Shenzhen is a city of sub-provincial administrative status in southern China's Guangdong province, situated immediately north of Hong Kong...
, in the PRC.
- 1995 Hang Seng Bank opens its first branch on the Mainland, in Guangzhou
Guangzhou , in English formerly known as Canton and also known as Kwangchow, is a sub-provincial city and the capital of Guangdong Province in the southern part of the People's Republic of China.It is a port on the Pearl River,...
.
- 1997 Hang Seng Bank opens a branch in Shanghai
Shanghai is the largest city in China, and one of the largest metropolitan areas in the world, with over 20 million people. Located on China's central eastern coast at the mouth of the Yangtze River, the city is administered as a municipality of the People's Republic of China with province-level...
.
- 2003 Hang Seng Bank opens a branch each in Nanjing
' , abbreviated in Chinese as Ning , is the capital of China's Jiangsu Province, and a city with a prominent place in Chinese history and culture...
and MacauThe Macau Special Administrative Region , commonly known as Macau or Macao , is one of the two special administrative regions of the People's Republic of China, the other being Hong Kong...
.
- 2004 Hang Seng Bank acquires 15.98% of Industrial Bank (China)
Industrial Bank was the old short name that was more commonly used in China from June 2001 thru 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 Fujian' is a province on the southeast coast of China. Fujian borders 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 Fuzhou' is the capital and the largest municipality of Fujian province, People's Republic of China.The city is also referred to as Rongcheng ' Company Limited started operations.
External links