Hang Seng Bank mainland subsidiary commences business
Hang Seng Bank (China) Limited (Hang Seng China), the mainland China subsidiary of Hang Seng Bank (the Bank), commenced business today (28 May).
The official opening ceremony for Hang Seng China, headquartered in Shanghai, will be held this Friday (1 June 2007).
The Bank received approval from the China Banking Regulatory Commission (CBRC) to establish the new bank on 18 May 2007. Standard and Poor’s has assigned Hang Seng China local and foreign currency counterparty ratings of A (long term) and A-1 (short term). The outlook is stable. The ratings are the highest assigned to locally incorporated subsidiaries of foreign banks on the Mainland. Mr Raymond Or, Vice-Chairman and Chief Executive of Hang Seng Bank, is Chairman of Hang Seng China. Mr Patrick Chan, Executive Director and Chief Financial Officer of Hang Seng Bank, is Vice-Chairman. Mr Johnson Fu serves as Chief Executive. Other Directors of Hang Seng China are Mrs Dorothy Sit, Chief Operating Officer of the Bank; Mr Derek Cheung, Senior Consultant at Johnson Stokes & Master; Mr Lu Yong Wei, former Partner of Ernst & Young Da Hua Certified Public Accountants; and Mr Gabriel Tam Chi Kok, former Partner of Financial Advisory Services, KPMG Hong Kong. Mr Richard Tang, an independent non-executive Director of Hang Seng Bank, is Supervisor of Hang Seng China. Other members of the senior management of Hang Seng China are Mr Lau Shun Chuen, Deputy Chief Executive and Head of Commercial Banking; Mr Mike Yeung, Deputy Chief Executive and Head of Personal Financial Services and Wealth Management; and Ms Maggie Tan, Deputy Chief Executive and Head of Corporate Banking. –www.theasianbanker.com (May 29 2007)–