WING LUNG BANK LTD

WING LUNG BANK LTD

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Company Overview
Wing Lung Bank Ltd. is a private bank engaged in commercial banking with emphasis on retail and corporate banking, treasury and other related activities. The bank was established in February 1933 as Wing Lung Ngan Ho by the Wu family. It is is publicly traded on the Pink Sheets under the trading symbol WNGBF. Its headquarters is located in Central, Hong Kong.
The bank offers various deposit products that include term deposits, call and fixed deposits, floating rate deposits, and passbook savings, Internet banking, telebanking, and automated teller machine (ATM) card services, as well as loan products that comprise personal, mortgage, corporate, syndicated, and small and medium-sized enterprise loans to individual and corporate customers.
In addition, the bank offers hire purchase, remittance, trust, auto-payroll, credit card merchant, and bill payment services. It also provides securities trading, securities savings scheme, margin financing, and custodian services, along with other offerings such as investment and wealth management, and personal, commercial, life, and claim insurance products.
The bank has a network of more than 40 banking offices in Asia, one branch in Los Angeles (United States) and another branch in the Cayman Islands. It comprises such as Wing Lung Insurance Co. Ltd., Wing Lung Finance Ltd., Wing Lung Securities Ltd., Wing Lung Bank (Trustee) Ltd., Wing Lung Property Management Ltd., and Wing Lung Futures Ltd.
Business Summary
Commercial Bank
Description and history
The Company, founded in 1933, is among the local Chinese banks in Hong Kong. Originally established as an indigenous Chinese bank, the Bank developed and expanded as Hong Kong underwent a remarkable economic transformation after the War. The Bank has since then established itself as one with contemporary outlook and comprehensive services, catering to the needs of the business community and playing a part in the generally vibrant economy of Hong Kong. The Bank became a listed company in the early 1980. At present, the Bank has altogether 38 banking offices, including the Head Office, 33 local branches, 2 representative offices in China, one in Guangzhou and the other in Shanghai, 2 overseas branches, one in Los Angeles, California, USA and the other in the Cayman Islands, BWI.; the Bank has a total staff of more than 1200.

History
1933
Wing Lung Ngan Ho, as the indigenous bank was then called, opened for business on 25, February at 37 Bonham Strand East, Hong Kong, with an initial capital of HK$44,500. The business of the Bank then comprised money exchange, remittances, deposits, and the buying and selling of stocks and shares, gold bullion, and Chinese Government bonds for customers. The business of the Bank grew with the years.

1937
In order to cope with the Bank’s growing business, the Bank moved to more spacious premises at 112 Queen’s Road, Central, Hong Kong.

1941
The Pacific War broke out and Hong Kong was occupied by the Japanese. The Bank evacuated Hong Kong, and some of the staff moved to Macau where the Bank continued its business; the rest of the staff moved to Liuzhou, Guangxi, China where the (Wing Lung Jewelry & Gold Dealers) was established. In these two places the Bank continued to repay its depositors, whose confidence in the Bank was maintained.

1945
Resumed operations in Hong Kong after the conclusion of the War.

1950
Joined the Hong Kong Bankers’ Clearing House.

1952
Began to engage in documentary bill operations. In the same year the redevelopment of the Bank’s old head office building was completed.

1953
Became the general agent of the National Insurance Company of New Zealand Ltd for Hong Kong and Macau.

1956
Incorporated as a limited company. To cope with expanding business and the increase in staff members, the Bank premises were extended to adjacent premises previously purchased for redevelopment purposes.

1965
Redeveloped the old head office building for the third time to meet the expansion of its business activities.

1973
Held a joint celebration for the opening of the new head office building situated between Des Voeux Road Central through Connaught Road Central and the 40th Anniversary of the Bank. The 25-storey Head Office Building stands 300 ft with a total floor area of over 145,000 sq ft. In the same year, the Bank was reorganized as a public limited company and the Chartered Bank participated as a shareholder.

1975
Completed the Bank Centre, a 25-storey office building in Mongkok, Kowloon. The Bank Centre standing 300 ft with a total floor area of more than 245,000 sq ft also houses its Mongkok Branch. In the same year, the Bank installed an on-line computer system and its deposit operations have been computerized since then. At first, the Bank used the services of a computer company. In 1981, the Bank set up a Computer Centre of its own, and since then operations of all the departments have gradually been computerized.

1980
Early in the year, 25% of the Bank’s share capital was offered for sale to the public, and shares in the Bank began to be traded on the stock exchanges in Hong Kong.

1982
Joined forces with 4 other local Chinese banks to set up Joint Electronic Teller Services Ltd, a cooperative network to provide automated teller machine service to customers.

1984
Set up its first overseas branch in Los Angeles, California, USA.

1986
the Company was authorized by the Government to engage in insurance business.

1987
*Standard Chartered Bank withdrew its interest in the Bank and transferred 10% of the Bank’s capital to the companies controlled by the Wu family as a result of its change in investment policy.
*The Bank’s wholly-owned subsidiary, Hongnet Ltd (now known as Wing Lung Securities Ltd) was established to provide securities broking services to customers.

1992
The Development Bank of Singapore Ltd acquired 10% of the Bank’s share capital from the companies controlled by the Wu family and participated as a shareholder.

1994
Set up its Guangzhou Representative Office, its first presence in China.

1995
Began to engage in credit card operation.

1996
*Set up an operation center to centralize various back-office services and tasks previously handled by individual departments and branches.
*Set up a branch office in the Cayman Islands, BWI, to provide off-shore banking services for customers.

1998
*Started to provide hire-purchase and leasing services through its wholly-owned subsidiary, Wing Lung Finance Ltd.
*Launched Wing Lung NET Banking to deliver banking service to customers via Internet.

1999
*Set up a Representative Office in Shanghai.
*Joined in a partnership with other banks to set up the Bank Consortium Trust Company Ltd to tap the Mandatory Provident Fund business.
*Introduced securities trading service through electronic channels, (Wing Lung Automated Securities) and (Wing Lung NET Banking) Services.

2000
Partnered with other banks to set up BC Reinsurance Ltd and Hong Kong Life Insurance Ltd to expand the insurance operation.

2001
*Purchased the state-of-the-art teller terminal system from IBM China/Hong Kong Ltd to enhance its service to customers.
*Set up Wealth Management Center to expand its wealth management service.

2002
Increased the paid-up capital of the Bank several times in the past by the issue of bonus shares to shareholders.

2003
Commemorates its 70th Anniversary.

2004
The Bank starts to provide renminbi services.
The Bank is the first Hong Kong-based bank approved by the China Banking Regulatory Commission to set up a branch in China immediately after the implementation of the Closer Economic Partnership Arrangement (CEPA). The first mainland branch is established in Shenzhen and it provides foreign currency deposits, loans, remittances and trade finance services. At present, the Bank has altogether 39 banking offices and a total staff of more than 1,200. The Bank provides comprehensive banking services, including deposits, loans, bills, foreign exchange, syndicated loans, corporate financing, credit cards, NET Banking, MPF, wealth management. The Bank also provides hire-purchase and leasing, trustee, nominee, insurance agency and broking, insurance underwriting, futures broking and securities broking services through its wholly-owned subsidiaries.

2005
At present, the Bank has altogether 39 banking offices and a total staff of more than 1,200. The Bank provides comprehensive banking services, including deposits, loans, bills, foreign exchange, syndicated loans, corporate financing, credit cards, NET Banking, MPF, wealth management. The Bank also provides hire-purchase and leasing, trustee, nominee, insurance agency and broking, insurance underwriting, futures broking and securities broking services through its wholly-owned subsidiaries.

Established as Wing Lung Ngan Ho by the Wu family

Business Line
Engaged in commercial banking with emphasis on retail and corporate banking, treasury and other related activities
Subsidiary
BANK CONSORTIUM HOLDING LIMITED
Advisor
KPMG
IPO date
3/27/1980
US SIC Code
6021
Company Address
Des Voeux Road Central, 45

City province or state postal code
HONG KONG
Phone: 852 2826 8333
Fax: 852 2810 0592
Country address: HONG KONG
Website url: www.winglungbank.com