Wing Hang Bank Limited, which is pronounced in Chinese pinyin as Yǒnghēng Yínháng, is Hong Kong's sixth biggest bank, and one of Hong Kong's largest lenders. The bank, operating in Hong Kong, Macau and mainland China, offers retail banking and specialises in mortgage lending, as well as provides consumer finance services, leasing, wealth management, insurance, securities brokerage, corporate banking, and treasury services. It is known in Macau as Banco Weng Hang S.A. The following article provides you with an overview on Wing Hang Bank.
Wing Hang bank was established in 1937 in Guangzhou, Southern China as a money-changing business. It opened its first branch in Macau in 1941, and was later incorporated as a banking company in 1960. The Irving Trust The Irving Trust acquired a majority stake in 1973. However, after Irving Trust merged with the Bank of New York fifteen years later, it started to reduce its holding in Wing Hang. As of 2011, the Bank of New York owns 20% of Wing Hang Bank. Wing Hang bought Chekiang First Bank in 2003 for a reported HK$4.8 billion. In 2010, Wing Hang Bank began issuing UnionPay debit cards to its mainland customers. Source En.wikipedia.org (Wing Hang Bank)
Wing Hang Bank has about 60 locations throughout Hong Kong, Macao and mainland China. Chairman Fung, aged 64, and his family control the Wing Hang Bank. Dr. Yuk Bun Fung JP, Chairman and Chief Executive Officer, reportedly earns an excess of $15 million per year.
The company’s corporate banking arm provides commercial and industrial loans, trade financing and institutional banking. It also offers foreign exchange services, management of investment securities and trading activities. Currently, Wing Hang Bank also pursues property investment.
Key numbers for fiscal year, ending 2010:
One year growth: 12.2%
Net income: $208.9M
Income growth: 34.3%
Wing Hang Bank revenues for the full year 2010 were 15.6% above the prior year's results.
The bank reported annual 2010 earnings of $5.46 per share on 10.03.11.
The latest news from the bank is that shareholders authorised a share repurchase programme at its Annual General Meeting on 05.05.11. Under the programme, the company will repurchase up to 29,529,413 shares, representing 10% of its issued share capital. The repurchases will be made out of funds which are legally available for the purpose, in accordance with the Memorandum of Association, Bye-laws of the company and the Companies Act.
Wing Hang Bank,
161 Queen's Rd.
Central, Hong Kong Telephone number: +852-2852-5111 Fax :+852-2541-0036 Website: Whbhk.com.