OCBC Bank (Hong Kong)

OCBC Bank (Hong Kong) Limited (Chinese: 華僑銀行（香港）), formerly Wing Hang Bank Limited and OCBC Wing Hang Bank Limited (Chinese: 華僑永亨銀行), is a licensed bank with its head office in Hong Kong, where it is the eighth largest bank by total assets.[3] Since end of July 2014, Wing Hang Bank has been a subsidiary of Oversea-Chinese Banking Corporation (OCBC) of Singapore. The acquisition of Wing Hang has given OCBC a network of about 70 branches spanning Hong Kong, Macau, and mainland China to add to OCBC's existing operations in Hong Kong and China.

OCBC Wing Hang Bank Limited
Banco OCBC Weng Hang S.A.
TypeSubsidiary
FoundedCanton, Republic of China (1937)
HeadquartersHong Kong, Macau, Mainland China
Key people
Ivy Au-Yeung,[1] CE
Andrew Khoo, Chairman
ProductsBanks, credit cards
Decrease HKD6.4 billion (2019)[2]
Decrease HKD2.5 billion (2019)[2]
Total assetsDecrease HKD297 billion (2019)[2]
Number of employees
2,000 (2013)[3]
ParentOCBC Bank
Websiteocbc.com.hk
OCBC Bank
Traditional Chinese華僑銀行（香港）
Simplified Chinese华侨银行（香港）

In tandem with the new refreshed logo, the Bank has launched a new tagline: For now, and beyond (心所向, 行致远 / 心所向, 行致遠).

History
OCBC Wing Hang Bank Queen's Road Central Branch in Hong Kong.

Mr Y K Fung established Wing Hang Ngan Ho in 1937 in Canton 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 19. The firm prospered during the post-war boom and in 1960 incorporated as Wing Hang Bank.

In 1973 the Irving Trust Company of New York acquired a majority interest in Wing Hang and the partnership provided the Bank with a stronger financial base and the expertise of a major international bank. In 1979 the Head Office Building was re-developed and provided much needed modern facilities for its operations.

In 1989 Irving Trust Company merged with 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, a local bank noted for its solid credit history and high quality portfolio. This acquisition provided the Bank with a greater scale and coverage in the market. 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 $6.23 billion SGD.[4] 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.[5][6]

On 1 October 2014, Wing Hang Bank was re-branded as OCBC Wing Hang to reflect its integration into the OCBC family.[7]

On 3 July 2023, OCBC unveiled a unified brand across its core markets including Hong Kong & Macau, solidifying OCBC's One Group approach to capitalize on the sizeable 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 "OCBC Bank (Macau) Limited." "Wing Hang" is no longer in the legal names of both OCBC HK & Macau subsidiaries.

Along with these legal name changes in Greater China, OCBC has launched a unified refreshed logo for its banking entities.

While being modernized, the logo retains the classic Chinese sailing ship iconic to the OCBC brand. It expresses OCBC’s founding fathers’ entrepreneurial spirit as they ventured into ASEAN to build homes and businesses that have benefited generations. This iconic symbol has been featured in every iteration of its logo since the Bank was founded in 1932.

In tandem with the new refreshed logo, the Bank has launched a new tagline: For now, and beyond (心所向, 行致远 / 心所向, 行致遠).

The unified brand demonstrates OCBC’s commitment to leveraging the combined strength of its comprehensive network, as well as its One Group capabilities in banking, wealth management and insurance, to support the increasingly cross-border

Management

Board of directors

The board comprises the chairman, 3 executive directors, 2 non-executive directors and 3 non-executive independent directors.[8]

  • Chairman: Dr Khoo Cheng Hoe Andrew
  • Executive directors:
    • Ms Au-Yeung Lai Ling Ivy Chief Executive
  • Non-executive directors
    • Mr Samuel Tsien
    • Ms Wong Pik Kuen Helen
  • Non-executive independent directors
    • Mr Chim Wai Kin
    • Mr Soon Tit Koon

Operations

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

In its Hong Kong operations, it runs 5 wealth management centres and a network of branches across Hong Kong. There are 10 branches in Hong Kong island, 12 in Kowloon and 7 in New Territories, making a total of 29 branches.[9]

Its wholly owned subsidiary, OCBC Wing Hang Bank (China) has a network of branches in Shenzhen, Guangzhou, Shanghai, Beijing, Chengdu and Zhuhai. The Group's subsidiary in Macao operates under the name Banco Weng Hang, and has an extensive branch network there. In addition, 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

[10]

  • OCBC Bank (Macau) Ltd.
  • OCBC Wing Hang Bank (China) Ltd.
  • OCBC Nominees Services (Hong Kong) Ltd.
  • OCBC Trustee (Hong Kong) Ltd.
  • OCBC Credit (Hong Kong) Ltd.
  • OCBC Finance Co. (Hong Kong) Ltd.
  • OCBC Insurance Agency (Hong Kong) Ltd.
  • OCBC Insurance Brokers (Hong Kong) Ltd.
  • OCBC Shares Brokerage Co. (Hong Kong) Ltd.
  • OCBC Commodities Company (Hong Kong) Ltd.

References
  1. Press release ocbcwhhk.com
  2. "OCBC Wing Hang Bank 2019 Annual Report" (PDF). Retrieved 11 September 2023.
  3. "Hong Kong's 20 largest licensed banks 2013" (PDF). Hong Kong Business. Retrieved 15 August 2014.
  4. "OCBC succeeds in bid to acquire HK's Wing Hang Bank". The Straits Times. 30 July 2014. Retrieved 15 August 2014.
  5. "Close of the Voluntary General Offer by OCBC Bank to acquire Wing Hang Bank, Limited ("WHB"). Compulsory Acquisition and Withdrawal of Listing of WHB Shares and Suspension of Trading" (PDF). OCBC Bank. 29 July 2014. Retrieved 15 August 2014.
  6. "OCBC owns 97.52pc of Wing Hang allowing it to delist lender". The Malay Mail Online. 30 July 2014. Retrieved 15 August 2014.
  7. "OCBC Announce". OCBC. Archived from the original on 29 September 2014. Retrieved 6 September 2014.
  8. Corporate information. Retrieved on 2018-09-29
  9. "OCBC Wing Hang - Branch Network". www.ocbcwhhk.com.
  10. Major subsidiaries. Retrieved 2018-09-29
Other references
  • Feng, Bangyan; (2002). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. ISBN 962-04-2129-9.
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