OCBC Wing Hang Bank

OCBC Bank (Hong Kong) Limited, formerly Wing Hang Bank Limited and OCBC Wing Hang Bank Limited, is a licensed bank with its head office in Hong Kong. Since 15 October 2014, Wing Hang Bank has been a wholly-owned subsidiary of the Oversea-Chinese Banking Corporation (OCBC) headquartered in Singapore. The acquisition of Wing Hang has given OCBC a network of about seventy branches spanning Hong Kong, Macau and mainland China to add to OCBC's existing operations in Hong Kong and China.

History

Y K Fung established Wing Hang Ngan Ho in 1937 in Canton (Guangzhou) to engage in money changing. Its early years were difficult due to the turbulent political and economic conditions in China. In 1941, the firm established a subsidiary, Banco Weng Hang, in Macau.

In 1945, Wing Hang Ngan Ho re-established itself in Hong Kong with a capital of HK$300,000 and a staff of nineteen. The firm prospered during the post-war boom and was incorporated in 1960 as Wing Hang Bank.

In 1973, the Irving Trust Company of New York acquired a majority interest in Wing Hang. In 1979, the Head Office Building was re-developed to provide modern facilities for its operations.

In 1988, the Bank of New York merged with Irving Bank Corporation after a year-long takeover bid by the Bank of New York. In July 1993, Wing Hang Bank listed its shares on the Hong Kong Stock Exchange. In August 2004, Wing Hang completed the merger with Chekiang First Bank. In January 2007, the bank acquired Inchroy Credit Corporation, a major financial institution engaged in the hire purchase and lease financing business.

In July 2007, The Bank of New York Company Inc. merged with Mellon Financial Corporation to form The Bank of New York Mellon Corporation. That same year, Wing Hang established Wing Hang Bank (China).

Acquisition by OCBC

Singapore's OCBC Bank acquired Wing Hang in 2014 for S$6.23 billion. Under the Hong Kong Companies Ordinance, OCBC Bank, with 97.52 percent of Wing Hang's shares, compulsorily acquired the bank on 29 July 2014. OCBC Wing Hang was subsequently delisted after the acquisition was completed.

On 1 October 2014, Wing Hang Bank was re-branded as OCBC Wing Hang to reflect its integration into the OCBC family. On 3 July 2023, OCBC unveiled a unified brand across its core markets, including Hong Kong and Macau, solidifying OCBC's One Group approach to capitalize on the ASEAN-Greater China opportunity. In Hong Kong, "OCBC Wing Hang Bank Limited" has changed its name to "OCBC Bank (Hong Kong) Limited" and in Macau, "Banco OCBC Weng Hang, S.A." has changed its name to "Banco OCBC (Macau), S.A.". "Wing Hang" is no longer in the legal names of both OCBC's Hong Kong and Macau subsidiaries.

OCBC has also launched a new unified logo for its banking entities. The logo retains the classic Chinese junk ship, which has been featured in every iteration of its logo since the bank was founded in 1932. The bank has also launched a new tagline: For now, and beyond ().

Management

Board of directors

The board comprises the chairman, one executive director, one non-executive directors and three non-executive independent directors.

* Chairman: Khoo Cheng Hoe Andrew
* Executive director:
** Wang Ke – Chief Executive
* Non-executive directors
** Wong Pik Kuen Helen
* Non-executive independent directors
** Chim Wai Kin
** Chong Chuan Neo
** Hui Leung Wah, Herbert

Operations

OCBC Bank (Hong Kong) Limited is the holding company and the principal operating company of the group. It provides banking and related financial services through the holding bank and its subsidiaries in Hong Kong and China.

In its Hong Kong operations, it runs two wealth management centers, five premier banking centers, with a total of twenty-two branches across Hong Kong.

Its wholly-owned subsidiary in mainland China, OCBC Bank Limited (OCBC China), has a network of branches in Shenzhen, Guangzhou, Shanghai, Beijing, Chengdu, and Zhuhai. Through its other subsidiaries and affiliated companies, the Group provides nominee, deposit-taking, offshore banking, hire purchase, consumer financing, insurance, and share brokerage services.

Subsidiaries

As of 30 April 2024, OCBC Bank (Hong Kong) Limited has five major subsidiaries:
* OCBC Bank Limited (OCBC China)
* Banco OCBC (Macau), S.A.
* OCBC Securities Brokerage (Hong Kong) Limited
* OCBC Insurance Brokers (Hong Kong) Limited
* OCBC Nominees Services (Hong Kong) Limited

References

;Other references

* Feng, Bangyan; (2002). ''A Century of Hong Kong Financial Development''. Joint Publishing Hong Kong. .

External links

ocbc.com.hkocbc.com.mo

{{Banks of Macau

Companies formerly listed on the Hong Kong Stock Exchange
Banks of Hong Kong
Banks of Macau
Banks established in 1937
2014 mergers and acquisitions
OCBC Bank