News Letter
English home Forum Photo Gallery Features Newsletter Archive   About US Help Site Map
- Newsletter
- News Archive
- Feedback
- Weather Forecast
 About China
- China at a glance
- Constitution
- CPC & state organs
- Chinese leadership
- Selected Works of Deng Xiaoping

Home >> Business
UPDATED: 16:41, August 09, 2004
Wing Hang, Chekiang First Bank complete merging
font size    

Wing Hang Bank announced Monday to have formally completed its takeover of rival Hang Kong lender Chekiang First Bank.

The merged bank, which will retain the name as Wing Hang Bank Limited, will be Hong Kong's seventh largest listed bank, with total assets of over 85 billion HK dollars (10.9 billion US dollars).

The deal, worth 4.8 billion US dollars (600 million US dollars)doubled Wing Hang's assets overnight. After the acquisition, the bank will operate over 50 branches and representative offices in Chinese mainland, Hong Kong and Macao.

Commenting on the merger of the two banks, Patrick Fund, chairman and chief executive of Wing Hang Bank said, "we believe there will be a great potential in maximizing cross-selling and business referral opportunities with our expended customer base after the merger."

Founded in 1937, Wing Hang Bank was listed on Hong Kong Stock Exchange in 1993. It employs 2,100 staff with 41 branches in Hong Kong. Chekiang First Bank previously belonged to Japan's Mizuho Financial Group.

Source: Xinhua

Print friendly Version Comments on the story Recommend to friends Save to disk

- China Forum
- PD Newsletter
- People's Comment
- Most Popular
 Related News
- Experts divided over macro control measures

- Chinese leader hails deal between communications bank, HSBC

- China's door now wide-open for foreign banks

Copyright by People's Daily Online, all rights reserved