Hang Seng Bank Ltd. | Introduction
Introduction
83 Des Voeux Road, Central
Hong Kong
Telephone: (+852) 2198-1111
Fax: (+852) 2868-4047
Web site: http://www.hangseng.com
Public Company
Incorporated: 1933 as Hang Seng Ngan Ho
Employees: 7,200
Sales: HK$10.68 billion ($3.65 billion)(2002)
Stock Exchanges: Hong Kong
Ticker Symbol: HSNGY
NAIC: 522110 Commercial Banking
Hang Seng Bank Ltd. is Hong Kong's second-largest bank, behind the Hong Kong and Shanghai Banking Corporation, which, like Hang Seng, is majority controlled by the United Kingdom's HSBC. Hang Seng operates throughout Hong Kong, with more than 155 branches, including locations in Mass Transit Railway stations and a strong network of automated teller machines. Hang Seng provides the full range of commercial banking services for the both the retail and corporate sectors, as well as credit and debit card services, insurance policies, home mortgages and automobile loans, and investment services. With the slowing down of Hong Kong's economy following its return to Chinese control, Hang Seng has joined its compatriots in seeking new expansion opportunities on the mainland. Since the mid-1990s, the group has opened a number of branches in Chinese cities, including in Shenzhen, Shanghai, Fuzhou, Najing, and Guangzhou. The company also operates representative offices in Beijing, Xiamen, and Taiwan. In 2003, the group began negotiations to acquire an equity stake in Minsheng Bank, the largest privately held bank in mainland China. Although initial negotiations failed to reach an agreement, a future alliance between the two banks has not been ruled out. HSBC controls just over 62 percent of Hang Seng, which trades on the Hong Kong Stock Exchange and is a member of its Hang Seng Index—created by the bank in the late 1960s. The group posted an operating profit of HK$10.68 billion ($3.65 billion) in 2002.