https://www-scmp-com.libproxy1.nus.edu.sg/rss/68663/feed Wing Hang Bank was founded in 1937. It was incorporated as a banking company in 1960, and has branches in Hong Kong, Macau and representative offices in China. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www-scmp-com.libproxy1.nus.edu.sg The merger of Singapore’s OCBC Bank and Wing Hang Bank’s China branch network is set to close in the second half of this year after Chinese regulators finally cleared the deal, said OCBC’s acquisitive group chief Samuel Tsien. The combined entity, with its local headquarters in Shanghai, will give OCBC access to over a hundred Chinese state-owned enterprises, 55 billion yuan of assets onshore, presence in 14 Chinese cities and a headcount of over 1,500. It is set to become the largest branch... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1935301/wing-hang-bank-branches-give-singapores-ocbc-leg-china?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1935301/wing-hang-bank-branches-give-singapores-ocbc-leg-china?utm_source=rss_feed Mon, 11 Apr 2016 11:59:18 +0000 Singapore's Oversea-Chinese Banking Corp has sharpened its focus on developing trade finance for mainland Chinese companies expanding into the region after it completed the US$5 billion acquisition of Wing Hang Bank in Hong Kong last year. The strategy of providing financing tools and local market knowledge makes good sense as Beijing seeks to create new markets for Chinese products by boosting infrastructure investments in the region. "The 'one-belt, one-road' policy creates a unique... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1744725/ocbc-targets-china-business-after-wing-hang-deal?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1744725/ocbc-targets-china-business-after-wing-hang-deal?utm_source=rss_feed Sun, 22 Mar 2015 12:21:35 +0000 Oversea-Chinese Banking Corp, Southeast Asia's second-largest bank by assets, is confident that its proposed acquisition of Wing Hang Bank - one of the few remaining family-controlled lenders in Hong Kong - will be completed by the third quarter of this year despite some growing concerns about the deal's valuation. Samuel Tsien, the chief executive of OCBC, one of Singapore's three biggest lenders, described the deal price for Wing Hang as "very reasonable". Tsien also said the acquisition of... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1543222/ocbc-chief-samuel-tsien-confident-wing-hang-deal-schedule?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1543222/ocbc-chief-samuel-tsien-confident-wing-hang-deal-schedule?utm_source=rss_feed Sun, 29 Jun 2014 17:45:15 +0000 Can Singaporean banks win more business in Hong Kong or even in the much bigger mainland market simply through high-cost acquisitions? Some analysts ask if the HK$38.4 billion Oversea-Chinese Banking Corp, Singapore's second-biggest bank, is paying for Wing Hang Bank is too steep. OCBC chief executive Samuel Tsien says it is not, given the opportunities emerging from the economic integration between Hong Kong and the mainland in recent years. Tsien says OCBC can grab these business opportunities... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1466624/acquisitions-no-easy-way-more-business?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1466624/acquisitions-no-easy-way-more-business?utm_source=rss_feed Sun, 06 Apr 2014 20:45:15 +0000 Credit rating agency Fitch Ratings has placed Oversea-Chinese Banking Corp, Southeast Asia's second-largest lender, on negative watch, citing higher potential exposure to China, after the bank announced a HK$38.4 billion takeover of Hong Kong's Wing Hang Bank. "The [negative rating watch] reflects Fitch's expectations that the acquisition of Wing Hang will increase OCBC's exposure to China, where credit and operating risk is higher than in OCBC's home market of Singapore," Fitch said. "This... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1463847/fitch-places-ocbc-negative-watch-after-wing-hang-bank-buy?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1463847/fitch-places-ocbc-negative-watch-after-wing-hang-bank-buy?utm_source=rss_feed Thu, 03 Apr 2014 08:00:00 +0000 Oversea-Chinese Banking Corp, Southeast Asia's second-largest lender, has offered HK$38.4 billion to fully acquire Wing Hang Bank, the eighth-largest lender in Hong Kong, to tap into increasing money flows between Southeast Asia and China. OCBC chief executive Samuel Tsien, the former chief executive of China Construction Bank's Hong Kong subsidiary China Construction Bank (Asia), said the acquisition would immediately lift China's contribution to group earnings to 16 per cent, from 6 per cent,... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1462254/singapores-ocbc-buy-wing-hang-bank-hk384b?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1462254/singapores-ocbc-buy-wing-hang-bank-hk384b?utm_source=rss_feed Tue, 01 Apr 2014 00:30:45 +0000 Wing Hang Bank, the second-largest family-controlled lender in the city, made record profits last year because of higher net interest income and capital gains from the disposal of properties and financial assets. Net profit for Wing Hang, which is negotiating with Singapore's Oversea-Chinese Banking Corp on the terms of a possible sale, jumped 21.3 per cent to HK$2.19 billion. The bank proposed a final dividend of HK$1.62 per share, unchanged from a year earlier. "The record profit came mainly... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1441773/wing-hang-bank-increases-net-profit-213pc-record-hk219?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1441773/wing-hang-bank-increases-net-profit-213pc-record-hk219?utm_source=rss_feed Thu, 06 Mar 2014 05:00:00 +0000 Oversea-Chinese Banking Corp has extended exclusive talks to buy Wing Hang Bank beyond a January 31 deadline, Wing Hang said yesterday. Sources said that while the banks had largely agreed on financial terms, OCBC was seeking a go-ahead from the Hong Kong Monetary Authority before announcing a deal. An announcement could come as early as next month, they said. Singapore-based OCBC said on January 6 that it was in talks to buy Wing Hang, which has a market value of HK$33.4 billion, and that it... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1412888/ocbc-extends-wing-hang-bank-talks?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1412888/ocbc-extends-wing-hang-bank-talks?utm_source=rss_feed Fri, 24 Jan 2014 21:30:15 +0000 Oversea-Chinese Banking Corp's plan to take over Wing Hang Bank, the city's second-largest family-controlled bank, raises the question of what would be a reasonable price for both parties to gain from the deal. Although OCBC is reluctant to pay too much - bearing in mind that others had to make massive goodwill provisions after the acquisition of banks in Hong Kong - analysts expect it to cough up close to twice book value and possibly higher than the 2.08 times deal for Chong Hing Bank. Only... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1407627/ocbc-wing-hang-bank-takeover-deal-question-price?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1407627/ocbc-wing-hang-bank-takeover-deal-question-price?utm_source=rss_feed Fri, 17 Jan 2014 06:35:25 +0000 Australia and New Zealand Banking (ANZ), Australia's third-largest bank by market value, aims to build itself into a regional bank in Asia, but an acquisition in Hong Kong is not part of its plans. Chief executive Michael Smith said the city's local banks are too expensive for ANZ. Hong Kong's four family-controlled lenders are seen as attractive targets for firms that want to use the city, the primary offshore yuan clearing centre, as a gateway to the mainland. Wing Hang Bank, the... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1405249/despite-its-regional-ambitions-anz-finds-banks-hong-kong?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1405249/despite-its-regional-ambitions-anz-finds-banks-hong-kong?utm_source=rss_feed Tue, 14 Jan 2014 02:46:45 +0000 Wing Hang Bank's potential suitors may need to pay more than HK$40 billion to take the city's second-largest family-owned bank private. More than three parties were talking to Wing Hang, a person familiar with the situation said. Those who showed the most interest aimed at a full takeover, he said. The potential deal would echo China Merchants Bank's acquisition of Wing Lung Bank in 2007. The local bank was delisted after the sale. However, it would stand in contrast with Yue Xiu's offer to... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1371717/bid-take-wing-hang-bank-private-could-cost-hk40-billion?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1371717/bid-take-wing-hang-bank-private-could-cost-hk40-billion?utm_source=rss_feed Tue, 03 Dec 2013 03:30:45 +0000 Anbang Insurance is among companies considering bids for Wing Hang Bank, Hong Kong's second-largest family-run lender, according to sources. Beijing-based Anbang, which offers insurance and asset management, had held talks to buy the 45 per cent stake held by members of chairman Patrick Fung's family, its affiliates and Bank of New York Mellon, one of the sources said. Wing Hang, with a market value of US$4.3 billion, had also drawn interest from companies including Canada's Bank of Nova Scotia,... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1368256/anbang-considers-bids-wing-hang?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1368256/anbang-considers-bids-wing-hang?utm_source=rss_feed Thu, 28 Nov 2013 20:15:45 +0000 Wing Hang Bank, Hong Kong’s second-largest family-owned lender, which is in takeover talks, would likely have its credit rating downgraded if the acquirer was based on the mainland, Moody’s Investors Service said. That comes after the rating agency placed Chong Hing Bank under review for a downgrade following the bank’s announcement on Friday it agreed to sell up to 75 per cent of its shares to Guangzhou-based investment firm Yue Xiu. The list of potential suitors for Wing Hang includes... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1343560/chinese-buyer-seen-negative-wing-hang?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1343560/chinese-buyer-seen-negative-wing-hang?utm_source=rss_feed Wed, 30 Oct 2013 04:45:15 +0000 A Wing Hang Bank manager was yesterday found guilty of stealing the personal information of more than 10,000 clients, including borrowing histories, from the bank's computer database. Ng Chau-ha, 33, a former risk control department manager, was convicted in Eastern Court of obtaining access to a computer with a view to dishonest gain for herself or another. The court heard she had used a colleague's identity to log into the bank's computer system and downloaded the data into a bank computer... https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/article/1321576/wing-hang-bank-manager-convicted-stealing-data-thousands-customers?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/article/1321576/wing-hang-bank-manager-convicted-stealing-data-thousands-customers?utm_source=rss_feed Mon, 30 Sep 2013 16:00:00 +0000 Singapore's United Overseas Bank and Australia & New Zealand Banking Group are believed to be considering a bid for Hong Kong's Wing Hang Bank. Wing Hang, which has a market capitalisation of US$4.7 billion, announced this month that its controlling shareholders had received preliminary offers from independent third parties to purchase their shares in the bank. It did not name the bidders. Sources said yesterday that ANZ and UOB were among the companies considering a bid for the Hong Kong... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1320291/uob-anz-may-bid-wing-hang-bank?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1320291/uob-anz-may-bid-wing-hang-bank?utm_source=rss_feed Sat, 28 Sep 2013 16:00:00 +0000 Wing Hang Bank's shares rocketed nearly 40 per cent yesterday after it said its top shareholders had been approached by potential buyers of their stakes, igniting speculation that smaller rival Dah Sing Bank might be next. It is the city's second family-run bank to have reported similar overtures in two months. Chong Hing Bank said on Monday that it remained in talks with parties including Yue Xiu, the investment arm of the Guangzhou city government. Local media reported one suitor had raised... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1311976/wing-hang-shares-soar-takeover-approach?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1311976/wing-hang-shares-soar-takeover-approach?utm_source=rss_feed Tue, 17 Sep 2013 16:00:00 +0000 Wing Hang Bank, the second-largest family-owned bank in the city by market capitalisation, expects net profit to grow this year as its margins improve. The bank yesterday posted a 1.8 per cent drop in first-half earnings to HK$1 billion following a decline in the fair value of investments. The figure was better than a consensus forecast of HK$946 million in a Bloomberg survey. Compared with the second half last year, net profit jumped 29.8 per cent. Wing Hang's performance is in stark contrast... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1296885/wing-hang-bank-interim-earnings-edge-lower?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1296885/wing-hang-bank-interim-earnings-edge-lower?utm_source=rss_feed Thu, 15 Aug 2013 07:38:57 +0000 Succession plans at family-owned banks in the city remain uncertain with top executives at Bank of East Asia and Wing Hang Bank already older than 65 years of age. Human resources experts say that while white-haired bankers might have deep social networks as personal capital, they might be physically weak. Preparations need to be made before seasoned bankers can step down from a business, especially a family-owned one, they say. "The choices for the next boss of a family-owned business are... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1291619/hong-kongs-family-owned-banks-struggle-succession-top?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1291619/hong-kongs-family-owned-banks-struggle-succession-top?utm_source=rss_feed Fri, 26 Jul 2013 16:00:00 +0000 Wing Hang Bank raised its dividend despite a 16.1 per cent drop in net profit for last year, while Chong Hing Bank cut its payout as earnings fell 3.1 per cent. Wing Hang declared a final dividend of HK$1.62 per share, which works out to a dividend payout ratio of 35 per cent for last year, up from 25 per cent in 2011. "After taking into account Basel III [capital requirements], we think such a ratio is sustainable with our capital growth," chairman and chief executive Patrick Fung Yuk-bun said.... https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1185867/wing-hang-generous-payment-despite-16pc-decline-net-profit?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/business/banking-finance/article/1185867/wing-hang-generous-payment-despite-16pc-decline-net-profit?utm_source=rss_feed Thu, 07 Mar 2013 16:00:00 +0000 A Hong Kong bank can now evict troubled businessman Carson Yeung Ka-sing - plus his mother, lover and two children - from their house on The Peak over a defaulted mortgage, the High Court ruled yesterday. The court also ordered Yeung's live-in girlfriend Wang Lifei and his mother Yung Sau-mui to pay HK$200,000 in legal costs to Wing Hang Bank, after it rejected the two women's application to take part in the case. In June, the bank won a possession order for the house at 31 Barker Road, which... https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/article/1140518/wing-hang-bank-gets-approval-evict-carson-yeung-peak?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/news/hong-kong/article/1140518/wing-hang-bank-gets-approval-evict-carson-yeung-peak?utm_source=rss_feed Thu, 31 Jan 2013 16:00:00 +0000 A bank robber went from the frying pan into the fire when he ran into police officers while fleeing a pursuer from a bank he had just robbed in Tsuen Wan yesterday. The robbery happened at 3.43pm when the man approached a counter in the Sha Tsui Road branch of Wing Hang Bank. 'The suspect told the teller that he was holding a bomb and demanded money,' a police officer said. He was given about HK$7,000 before running out of the bank. A male bank worker gave chase. 'After running into an alley... https://www-scmp-com.libproxy1.nus.edu.sg/article/661069/robber-runs-police-while-fleeing-bank?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/661069/robber-runs-police-while-fleeing-bank?utm_source=rss_feed Fri, 21 Nov 2008 16:00:00 +0000 Wing Hang Bank sold three office floors at Grand Millennium Plaza in Sheung Wan to two associates for HK$436.21 million after it moved operations at the property to reduce rent. Based on the property's book value, the bank estimates that it can book a pre-tax gain of HK$155.3 million from the deal, after taking into account about HK$400,000 in expenses, and HK$63.7 million in its interest in the buyers and their spending on the properties. As at August 31, the unaudited net book value of... https://www-scmp-com.libproxy1.nus.edu.sg/article/607545/wing-hang-bank-sells-former-office-space?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/607545/wing-hang-bank-sells-former-office-space?utm_source=rss_feed Tue, 11 Sep 2007 16:00:00 +0000 Wing Hang Bank, a Hong Kong-based family-run bank, said first-half net profit increased 17 per cent on growth in investment and residential mortgages, initial public offering financing and consumer lending. Net profit rose to HK$956.3 million from HK$817.4 million a year earlier. Net interest income gained 14.1 per cent to HK$1.16 billion on strong growth in loan volumes. As concern grows globally about the direct and indirect impact of the subprime mortgage crisis in the United States, Wing... https://www-scmp-com.libproxy1.nus.edu.sg/article/604514/wing-hang-earnings-17pc-loan-growth?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/604514/wing-hang-earnings-17pc-loan-growth?utm_source=rss_feed Thu, 16 Aug 2007 16:00:00 +0000 Wing Hang Bank, a Hong Kong-listed mid-sized lender, aims to boost its return on equity to 20 per cent in three years by expanding its mainland and Macau operations, according to chairman Patrick Fung Yuk-bun. Mr Fung, who is also Wing Hang's chief executive, said the mainland would be a key market where the bank would put more focus on. Partly helped by its mainland and Macau businesses, Wing Hang's return on equity increased to 18.9 per cent last year from 17.1 per cent a year ago. Wing... https://www-scmp-com.libproxy1.nus.edu.sg/article/590063/wing-hang-bank-aims-increase-return-equity?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/590063/wing-hang-bank-aims-increase-return-equity?utm_source=rss_feed Sun, 22 Apr 2007 16:00:00 +0000 Wing Hang Bank, a local family-run bank, plans to raise as much as US$300 million from a perpetual bond sale to strengthen its capital reserve for potential acquisitions and expansion in the mainland banking sector, people familiar with the transaction said. 'The actual size is yet to be fixed but the amount will not be less than US$200 million, given the strong creditability of the issuer,' said a source close to the deal. The upper tier II notes will feature an option for the bank to redeem... https://www-scmp-com.libproxy1.nus.edu.sg/article/588504/wing-hang-issue-us300m-bonds-mainland-acquisitions?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/588504/wing-hang-issue-us300m-bonds-mainland-acquisitions?utm_source=rss_feed Tue, 10 Apr 2007 16:00:00 +0000 Wing Hang Bank will continue to look for acquisition opportunities in Hong Kong, Macau and the mainland after its HK$1.4 billion purchase of a car financing company two months ago, according to chairman and chief executive Patrick Fung Yuk-bun. Mr Fung unveiled his expansion plan as he reported a 23.1 per cent rise in net profit last year to a record HK$1.66 billion, or HK$5.65 per share. The bank will pay a final dividend of HK$2 per share. 'When opportunity arises, Wing Hang Bank will not... https://www-scmp-com.libproxy1.nus.edu.sg/article/585165/wing-hang-sets-sights-asset-acquisitions?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/585165/wing-hang-sets-sights-asset-acquisitions?utm_source=rss_feed Thu, 15 Mar 2007 16:00:00 +0000 Wing Hang Bank, a family-owned mid-tier lender, reported a 16.7 per cent net profit growth in the first half, as its loan growth more than offset a decline in interest margin to give it higher interest income. Half-year profit jumped to record HK$817.4 million from HK$700.6 million a year ago as its loan book grew 3.1 per cent, thanks to the expansion on the mainland and Macau. Without accounting for bad loan provisions, its operating profit rose 14.3 per cent to HK$955.9 million. Net interest... https://www-scmp-com.libproxy1.nus.edu.sg/article/560653/record-gain-wing-hang-bank?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/560653/record-gain-wing-hang-bank?utm_source=rss_feed Thu, 17 Aug 2006 16:00:00 +0000 Family-run small lender Wing Hang Bank is aggressively expanding its mortgage operation in Macau, where a boom in the property market has being driven by Hong Kong investment. According to Lee Tak-lim, a director and general manager at the bank's Macau flagship Banco Weng Hang, mortgages are expected to increase 5 per cent in volume this year, coming on top of 10 per cent growth last year. Of the $1.7 billion loans drawn down last year, $1.4 billion was earmarked for property and most of that... https://www-scmp-com.libproxy1.nus.edu.sg/article/540355/property-boom-fuels-wing-hang-expansion?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/540355/property-boom-fuels-wing-hang-expansion?utm_source=rss_feed Mon, 13 Mar 2006 16:00:00 +0000 Wing Hang Bank plans to grow its business in the mainland and Macau through acquisitions, according to chairman and chief executive Patrick Fung Yuk-bun. Given their fast growing economies and targeted rates of expansion, the mainland and Macau were likely to account for 25 per cent to 30 per cent of the group's assets in three years' time from about 20 per cent presently, Mr Fung said. Wing Hang posted record interim net profit up 32 per cent to $700.62 million. Mr Fung said the profit... https://www-scmp-com.libproxy1.nus.edu.sg/article/519462/great-china-expansion?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/519462/great-china-expansion?utm_source=rss_feed Thu, 06 Oct 2005 16:00:00 +0000 With two offers out, lenders plot tactics amid expectations of greater demand Competition in the tax loan market is likely to be hotter than last year despite salary tax changes boosting the pool of potential borrowers, bankers say. So far, only two lenders have announced their offers - Bank of America (Asia) last week and Dah Sing Bank yesterday - with Wing Hang Bank's unsecured lending arm having also unveiled a special tax loan for customers transferring loan balances from other... https://www-scmp-com.libproxy1.nus.edu.sg/article/519144/first-shots-point-fierce-tax-loan-battle?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/519144/first-shots-point-fierce-tax-loan-battle?utm_source=rss_feed Tue, 04 Oct 2005 16:00:00 +0000 Wing Hang Bank chairman and chief executive Patrick Fung Yuk-bun says the bank is keen to look for further acquisitions on the mainland and in Macau following the lender's takeover of Chekiang First Bank. Wing Hang already has a branch each in Shenzhen and Shanghai but hopes to open a first sub-branch in the booming southern city later this year, ultimately growing to a network of eight to 10 sub-branches. The group expects to derive 30 per cent of its total profits from the mainland... https://www-scmp-com.libproxy1.nus.edu.sg/article/514950/eye-more-acquisitions?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/514950/eye-more-acquisitions?utm_source=rss_feed Sun, 04 Sep 2005 16:00:00 +0000 Bank keen to expand further in Macau and on the mainland by buying lenders with comparable assets Boosted by its successful takeover of Chekiang First Bank two years ago, Wing Hang Bank is ready to look for more acquisitions, according to its chairman and chief executive. 'We will seriously consider [acquisitions] if opportunities arise, both in the mainland and in Macau,' Patrick Fung Yuk-bun said, adding the bank aimed to diversify its business with a particular focus on the Pearl River... https://www-scmp-com.libproxy1.nus.edu.sg/article/514923/wing-hang-keeps-eye-out-targets?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/514923/wing-hang-keeps-eye-out-targets?utm_source=rss_feed Sun, 04 Sep 2005 16:00:00 +0000 Mid-tier lender Wing Hang Bank plans to grow its business in the mainland and Macau through acquisitions, said chairman and chief executive Patrick Fung Yuk-bun. Given their fast growing economies and targeted rates of expansion, the mainland and Macau were likely to account for 25 to 30 per cent of the group's assets in three years' time, from about 20 per cent presently, Mr Fung said. Mr Fung was speaking after unveiling Wing Hang's record interim net profit - up 32 per cent to $700.62... https://www-scmp-com.libproxy1.nus.edu.sg/article/511875/wing-hang-maps-expansion-course?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/511875/wing-hang-maps-expansion-course?utm_source=rss_feed Thu, 11 Aug 2005 16:00:00 +0000 The celebrations for the 30th anniversary of the Hong Kong Philharmonic Orchestra never ceased to amaze. First there was a cocktail reception with free-flowing champagne; then there was Ivo Pogorelich performance of Rachmaninov's Piano Concerto No. 2, conducted by Ion Marin at the Hong Kong Cultural Centre, all wrapped up with a late gala dinner at the newly renovated and mirrored ballroom of the Intercontinental Hotel. The hotel's new decor proved a hit among guests who included Secretary of... https://www-scmp-com.libproxy1.nus.edu.sg/article/430625/flowing-orchestral-movements?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/430625/flowing-orchestral-movements?utm_source=rss_feed Thu, 09 Oct 2003 16:00:00 +0000 Wing Hang Bank has up to HK$2 million in special packaged loans for small- and medium-sized enterprises (SMEs) to acquire furniture, computing products and services and office equipment. The interest rate on the loans could be as low as 1.25 percentage points below Wing Hang's prime lending rate. https://www-scmp-com.libproxy1.nus.edu.sg/article/369371/wing-hang-offers-sme-loans?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/369371/wing-hang-offers-sme-loans?utm_source=rss_feed Mon, 21 Jan 2002 16:00:00 +0000 The continuing mortgage price war between banks ate into interest revenues earned by Wing Hang Bank in the first half, leaving net profit barely higher at HK$433.39 million. Its net interest margin was down to 2.85 per cent from 3.16 per cent before, as the average yield earned on its mortgage book slipped to 1.15 per cent below prime, said chairman and chief executive Patrick Fung Yuk-bun. Partly compensating for retreating yields on the increased sales of mortgage business - up 1.6 per cent... https://www-scmp-com.libproxy1.nus.edu.sg/article/354699/reduced-interest-revenues-take-toll?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/354699/reduced-interest-revenues-take-toll?utm_source=rss_feed Thu, 09 Aug 2001 16:00:00 +0000 Wing Hang Bank chairman Patrick Fung Yuk-bun has told shareholders he would consider any takeover offer presented to the bank. Questioned on the subject of a merger or acquisition after the bank's annual general meeting, Mr Fung said: 'We know the [merger and acquisition] trend is there and we will consider any proposal that comes to us. 'Management will, of course, act in the interests of shareholders, and will consider individual cases on their merits.' Among the resolutions passed at the... https://www-scmp-com.libproxy1.nus.edu.sg/article/345326/wing-hang-not-merger-talks-doors-open?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/345326/wing-hang-not-merger-talks-doors-open?utm_source=rss_feed Thu, 26 Apr 2001 16:00:00 +0000 Automated Systems Recommendation: Buy Brokerage: South China Securities AUTOMATED Systems is a big player in Hong Kong's software industry, and it boasts the Government and Mass Transit Railway as clients. This year, the company has completed contracts worth more than $400 million. 'We expect [Automated Systems] to record double-digit growth in turnover in the coming two years and to maintain its margin, because the company has a very flexible cost base, with low fixed costs,' South China... https://www-scmp-com.libproxy1.nus.edu.sg/article/254941/automated-systems-expected-have-double-digit-growth?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/254941/automated-systems-expected-have-double-digit-growth?utm_source=rss_feed Sat, 12 Sep 1998 16:00:00 +0000 Wing Hang Bank said it had strengthened its liquidity and credit-risk management to cope with speculative attacks on the Hong Kong dollar. Chairman Patrick Fung Yuk-bun said the confusion resulting from the latest round of speculation was not as great as that after attacks in October and January, which probably reflected the Hong Kong Monetary Authority's improved tactics in managing the peg. 'Banks and the Government are now much more liquid than they were during the previous attacks. We... https://www-scmp-com.libproxy1.nus.edu.sg/article/251606/liquidity-raised-fend-attacks?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/251606/liquidity-raised-fend-attacks?utm_source=rss_feed Thu, 13 Aug 1998 16:00:00 +0000 European credit rating agency IBCA has assigned a long-term rating of A-minus and short-term rating of A2 to Wing Hang Bank. IBCA said Wing Hang's financial performance was sound and asset quality good. https://www-scmp-com.libproxy1.nus.edu.sg/article/187512/wing-hang-bank-rated?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/187512/wing-hang-bank-rated?utm_source=rss_feed Fri, 07 Mar 1997 16:00:00 +0000 Wing Hang Bank expects the number of credit cards it has issued to increase more than 30 per cent this year after 32 per cent growth in 1996. Chairman and chief executive Patrick Fung Yuk-bun estimated more than 50 per cent of the territory's credit card users had only one card in their wallets, compared with an average of two per person in the United States. He said this indicated there was considerable room for the market to develop. https://www-scmp-com.libproxy1.nus.edu.sg/article/181669/wing-hang-sees-card-growth?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/181669/wing-hang-sees-card-growth?utm_source=rss_feed Wed, 15 Jan 1997 16:00:00 +0000 Wing Hang Bank is offering the prime rate for mortgages of its Discovery Park development in Tsuen Wan to successful applicants who are trading up existing properties. Under the scheme, Wing Hang mortgage customers may borrow up to 10 per cent of the purchase price as partial down-payment at the prime rate of 8.5 per cent. For non-Wing Hang customers, interest will be prime plus 25 basis points. The buyers are not required to transfer their existing mortgages to Wing Hang, saving... https://www-scmp-com.libproxy1.nus.edu.sg/article/174386/wing-hang-offers-prime?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/174386/wing-hang-offers-prime?utm_source=rss_feed Tue, 17 Sep 1996 16:00:00 +0000 Bank of New York (BNY) yesterday placed 5 per cent of Wing Hang Bank's shares through HG Asia at $28.40 per share, cashing in about $347.9 million. After the placement of the 12.25 million shares, BNY's stake in the locally listed bank will drop from 35.1 per cent to 30.1 per cent. The placing price was at a 3 per cent discount to yesterday's close of $29.25. Market observers were puzzled by the move as groups such as HSBC Holdings and Standard Chartered Bank tend to view Asian counters... https://www-scmp-com.libproxy1.nus.edu.sg/article/171420/bank-new-york-sells-5pc-wing-hang?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/171420/bank-new-york-sells-5pc-wing-hang?utm_source=rss_feed Thu, 22 Aug 1996 16:00:00 +0000 Patrick Fung has been elected chairman of Wing Hang Bank following the retirement of Tsang Wing Hong. Mr Fung is the son of the bank's founder Y.K. Fung. The younger Fung joined the bank in 1976, was appointed a director in 1980 and became the chief executive in March 1992. https://www-scmp-com.libproxy1.nus.edu.sg/article/157641/new-wing-hang-chief?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/157641/new-wing-hang-chief?utm_source=rss_feed Thu, 25 Apr 1996 16:00:00 +0000 WING Hang Bank has completed its $540 million, five-year, floating-rate certificates of deposit, securing a medium-term source of funding to support its newly launched, hire-purchase business. Arranged by Chemical Securities Asia, the issue was priced at 55 basis points above the three-month Hong Kong interbank offered rate. https://www-scmp-com.libproxy1.nus.edu.sg/article/76031/wing-hang-540m-funding?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/76031/wing-hang-540m-funding?utm_source=rss_feed Mon, 30 May 1994 16:00:00 +0000 THE Bank of New York (BNY) has privately placed about 4.5 per cent of Wing Hang Bank in an attempt to increase the liquidity of the stock. The placement of 11 million shares at $27.50 each - less a five per cent discount to independent investors - raised $287 million. The placement reduces BNY's holding from 39.6 per cent to 35.1 per cent. Together with relations of the late Y. K. Fung, the founder of Wing Hang and companies and trusts associated with them, BNY will retain joint control... https://www-scmp-com.libproxy1.nus.edu.sg/article/60608/wing-hang-acts-boost-shares?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/60608/wing-hang-acts-boost-shares?utm_source=rss_feed Tue, 25 Jan 1994 16:00:00 +0000 WING Hang Bank has concluded its first syndicated certificate of deposit issue, with $250 million of floating rate negotiable CDs maturing March 22, 1996. The CDs bear a floating annual interest rate of HIBOR (the Hongkong interbank offered rate) plus 60 basis points, payable quarterly in arrears. https://www-scmp-com.libproxy1.nus.edu.sg/article/22741/wing-hang-cd-issue?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/22741/wing-hang-cd-issue?utm_source=rss_feed Fri, 19 Mar 1993 16:00:00 +0000 WING Hang Bank has reported a 34 per cent profits increase to $271 million for last year. The bank, 49 per cent owned by Bank of New York, saw total assets increase 13 per cent to $18.09 billion during the year. Total deposits rose by 13 per cent to $16.14 billion, and total lending climbed 14 per cent to $9.48 billion. Chairman Tsang Wing-hong called the result satisfactory, adding that loan growth had moderated in the second half of the year in response to the government's objective... https://www-scmp-com.libproxy1.nus.edu.sg/article/22607/wing-hang-net-271m?utm_source=rss_feed https://www-scmp-com.libproxy1.nus.edu.sg/article/22607/wing-hang-net-271m?utm_source=rss_feed Thu, 18 Mar 1993 16:00:00 +0000