Hang Seng Bank

Established in 1933 as a money-changing shop in Hong Kong, Hang Seng Bank is the second largest bank in Hong Kong. The bank is majority owned by the HSBC Group through The Hongkong and Shanghai Banking Corporation and is a Hang Seng Index constituent stock.

Hang Seng Bank net profit tumbles 43 per cent, near bottom of market expectations

The Hang Seng Bank headquarters in Hong Kong. Photo: Bloomberg

Hang Seng Bank on Monday reported net profit dropped 43 per cent year-on-year to HK$15.13 billion due to higher bad debts provision for mainland China lending as well as impairment loss and accounting treatment related to its investment in mainland lender Industrial Bank.

Tuesday, 24 February, 2015, 6:12pm 2 comments

Hang Seng Bank sells off HK$15.79 billion stake in Industrial Bank

A branch of Hang Seng bank in Hong Kong. The bank sold half of its holdings in Shanghai-listed Industrial Bank. Photo: May Tse

Hang Seng Bank will sell off about half of its holdings in Shanghai-listed Industrial Bank, raising up to HK$15.79 billion and boosting the bank’s regulatory capital.

10 Feb 2015 - 8:14pm

Hang Seng Bank stock jumps on report it may sell stake in Chinese bank

Shares of Hang Seng Bank rose more than 5 per cent on Wednesday. Photo: May Tse

Shares of Hang Seng Bank jumped to a six-year high on Wednesday after media reports that the Hong Kong-based lender is considering selling its 10.9 per cent stake in Industrial Bank.

4 Feb 2015 - 10:29pm

Hang Seng Bank net profit tumbles 54pc

Rose Lee, the vice-chairman and chief executive of Hang Seng Bank, is flanked by her executive team at the company's results briefing yesterday. Photo: Nora Tam

Hang Seng Bank said net profit dropped 54 per cent to HK$8.47 billion in the first six months of this year mainly because of a one-off accounting gain in the same period last year and lower property revaluation.

5 Aug 2014 - 2:23am

Hang Seng to expand branch network in Hong Kong

Although half of Hang Seng Bank's customers use online banking, there is still a strong demand for branch services. Photo: Martin Chan

Hang Seng Bank plans to further expand its branch network in Hong Kong this year in an effort to gain more customers.

The bank added three new branches and eight new Prestige Banking centres in the New Territories and areas near the MTR to capture mainland tourists as clients.

25 Feb 2014 - 3:11pm

Loan growth boosts Hang Seng Bank's earnings

Hang Seng chief executive Rose Lee, at the results announcement yesterday, says the bank's loan quality has improved after a decline in bad debts. Photo: Jonathan Wong

Hang Seng Bank yesterday reported its net profit last year rose 38 per cent to HK$26.68 billion, thanks to strong growth in lending and fee income as well as one-off accounting gains related to its mainland investment.

25 Feb 2014 - 1:24am

Big players unlikely to heed welcome move by smallest MPF provider

HSBC, with its Hang Seng Bank subsidiary, and Manulife together control almost half the MPF market. Photo: AP

Haitong International Securities having to resort to waiving its investment management fees on Mandatory Provident Fund offerings for three years shows the difficulty small players face in capturing a piece of the HK$514 billion market.

18 Feb 2014 - 2:30am

Fluency in Chinglish doesn't count as World City yardstick

Hang Seng Bank

Before I start to tell you two stories, let me ask you a question: In general, do you feel English-language skills of Hong Kong people are increasing or declining since the 1997 handover?

16 Dec 2013 - 11:29am 52 comments

Hang Seng plans etf after winning quota

Andrew Fung, executive director of Hang Seng Bank, says new RQFII participants will find the market difficult. Photo: Jonathan Wong

Hang Seng Bank is to launch its first A-share exchange-traded fund next month or in November after receiving a renminbi qualified foreign institutional investor quota of 1 billion yuan (HK$1.26 billion), executive director Andrew Fung Hau-chung said.

20 Sep 2013 - 4:07am

Hang Seng fine-tunes branch strategy

Hang Seng is looking to attract mainland tourists. Photo: Bloomberg

Hang Seng Bank is set to open more branches in the New Territories and extend banking hours on Saturdays at some outlets to cater for mainland tourists.

7 Aug 2013 - 4:35am

Hang Seng net rises to beat forecasts

Hang Seng Bank chief executive Rose Lee sees growing opportunities from the yuan. Photo: Dickson Lee

Hang Seng Bank yesterday reported better-than-expected results for the first half, with net profit doubling to HK$18.47 billion on the back of one-off accounting gains, higher fee income and lower bad debt charges.

6 Aug 2013 - 4:56am

Hang Seng unit first offshore firm with RQFII quota

Hang Seng's investment arm has won RQFII quota. Photo: Bloomberg

Beijing granted quota under the renminbi qualified foreign institutional investor (RQFII) scheme for the first time to an offshore institution last month.

The move broke the 19-month monopoly of the business by Hong Kong arms of mainland asset managers and is part of the central government's efforts to boost yuan inflows.

1 Aug 2013 - 5:27am

Hang Seng's flexible offers

The Hang Seng Bank is the latest bank targeted by the mystery shopper in testing the quality of financial advice. Photo: Bloomberg

As part of a continuing series to test the quality of financial advice being offered by banks, the South China Morning Post put eight banks through their paces. This week our reporter visits Hang Seng Bank. As in previous rounds, she poses as a 37-year-old expatriate mother of two who wants to invest HK$10,000 a month into a pension.

23 Jul 2013 - 6:42am

HSBC customer confusion continues

Check your HSBC ATM card - chances are it says UnionPay on the back, where is used to have Cirrus and Plus. I suspect the unlucky folks at the World's Local Bank who have to implement the new UnionPay chip card clearing system wish the whole thing would just vanish.

13 Jun 2013 - 9:58pm

Institutions back huge fee rise for Hang Seng board

Bank chairman Raymond Ch'ien will get a jump of 34 per cent in his fee, while other directors get a 32 per cent rise. Photo: Dickson Lee

Hang Seng Bank's minority shareholders failed to stop a plan to give directors a rise in fees of more than 30 per cent while dividends stay unchanged, after the motion was carried with the overwhelming support of large institutional stakeholders.

17 May 2013 - 6:18am