DOCSLIB.ORG

Annual Report 2019 Annual Report 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2019 Annual Report 2019 HANG SENG BANK LIMITED HANG SENG BANK ANNUAL REPORT 2019 ANNUAL REPORT 2019 REPORT ANNUAL 83 Des Voeux Road Central, Hong Kong www.hangseng.com Our day-to-day lives are moving faster. From smart cities initiatives to AI in our mobile phones, the ways in which we interact with the world around us are evolving every day. Hang Seng’s goal is to make it easy for our customers to manage their finances. We create smart solutions that allow us to deliver fast, simple and convenient banking services for a diverse range of financial needs. Using human-centric design and technology, we enable customers to manage their finances on their own terms – anywhere, anytime. Smart living… through intelligent banking. Founded in 1933, Hang Seng is one of Hong Kong’s largest listed companies. Our market capitalisation as at 31 December 2019 was HK$307.8 billion. We serve over half the adult residents of Hong Kong – more than 3.5 million people – through about 290 service outlets. We also maintain branches in Macau and Singapore and a representative office in Taipei. Established in May 2007, wholly owned subsidiary Hang Seng Bank (China) Limited is headquartered in Pudong, Shanghai, and operates a mainland China network with outlets in the Pearl River Delta, the Yangtze River Delta, the Bohai Rim Region and midwest China. Hang Seng is a principal member of the HSBC Group, one of the world’s largest banking and financial services organisations. RATINGS Moody’s Standard & Poor’s Long-term Bank Deposit Long-term Issuer Credit (local/foreign currency) (local and foreign currency) Aa2/Aa3 AA- Short-term Bank Deposit Short-term Issuer Credit (local and foreign currency) (local and foreign currency) Prime-1 A-1+ Outlook Outlook Negative(m)* Stable *Outlook on long-term foreign currency bank deposit rating is Stable ANNUAL REPORT 2019 1 CONTENTS 01 Corporate Profile 03 Results in Brief* 04 Five-Year Financial Summary 06 Chairman’s Statement* 08 Chief Executive’s Report* 12 Management Discussion and Analysis 22 Business Review* 28 Financial Review* 40 Risk 105 Capital Management 110 Corporate Governance Report 140 Biographical Details of Directors and Senior Management 154 Report of the Directors 161 2019 Financial Statements 242 Independent Auditor’s Report 248 Analysis of Shareholders 249 Subsidiaries 250 Directors of Subsidiaries 251 Corporate Information and Calendar * Where possible, percentages in this section have been rounded to the nearest percentage point to facilitate easy reading. Percentage-based indicators remain at 1 or 2 decimal places as appropriate. The abbreviations ’HK$m’ and ’HK$bn’ represent millions and billions of Hong Kong dollars respectively. RESULTS IN BRIEF For the Year Attributable profit to shareholders Profit before tax Operating profit 24,840 HK$m 28,813 HK$m 28,610 HK$m 2018 24,211 HK$m 2018 28,432 HK$m 2018 27,947 HK$m Net operating income before change Operating profit before change in Return on average ordinary in expected credit losses and other expected credit losses and other shareholders’ equity credit impairment charges credit impairment charges 43,514 HK$m 30,447 HK$m 15.2% 2018 41,215 HK$m 2018 28,943 HK$m 2018 16.0% Cost efficiency ratio Earnings per share Dividends per share 30.0% 12.77 HK$ 8.20 HK$ 2018 29.5% 2018 12.48 HK$ 2018 7.50 HK$ At Year-end (at 31 December) Shareholders’ equity Total assets 178,810 HK$m 1,676,991 HK$m 2018 162,082 HK$m 2018 1,571,297 HK$m Capital ratios Common Equity Tier 1 (“CET1”) Tier 1 Capital Ratio Total Capital Ratio Capital Ratio 16.9% 18.7% 20.8% 2018 16.6% 2018 17.8% 2018 20.2% Liquidity ratios Liquidity Coverage Ratio Net Stable Funding Ratio 205.9% 149.1% 2018 214.7% 2018 154.0% ANNUAL REPORT 2019 3 FIVE-YEAR FINANCIAL SUMMARY 2015 2016 2017 2018 2019 For the Year HK$bn HK$bn HK$bn HK$bn HK$bn Operating profit 19.4 19.0 23.5 27.9 28.6 Profit before tax 30.5 19.1 23.7 28.4 28.8 Attributable profit to shareholders 27.5 16.2 20.0 24.2 24.8 At Year-end HK$bn HK$bn HK$bn HK$bn HK$bn Shareholders’ equity 142.0 140.6 152.0 162.1 178.8 Issued and paid-up capital 9.7 9.7 9.7 9.7 9.7 Total assets 1,334.4 1,377.2 1,478.4 1,571.3 1,677.0 Total liabilities 1,192.4 1,236.6 1,326.3 1,409.2 1,498.1 Per Share HK$ HK$ HK$ HK$ HK$ Earnings per share 14.22 8.30 10.30 12.48 12.77 Dividends per share – 1st to 4th interim dividends 5.70 6.10 6.70 7.50 8.20 – special interim dividend 3.00 – – – – Ratios %%%% % Return on average ordinary shareholders’ equity 20.7 12.1 14.2 16.0 15.2 Post-tax return on average total assets 2.1 1.2 1.4 1.6 1.5 Capital ratios – Common Equity Tier 1 (“CET1”) Capital Ratio 17.7 16.6 16.5 16.6 16.9 – Tier 1 Capital Ratio 19.1 17.9 17.7 17.8 18.7 – Total Capital Ratio 22.1 20.8 20.1 20.2 20.8 Cost efficiency ratio 33.8 33.5 30.5 29.5 30.0 4 HANG SENG BANK Attributable Profit and Results Earnings per Share Dividends per Share HK$bn HK$bn HK$ HK$ 30 30 15 10 28 9 26 25 24 8 22 7 20 20 10 18 6 16 15 5 14 12 4 10 10 5 3 8 6 2 5 4 1 2 0 0 0 0 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 Operating profit Attributable profit Dividends per share Earnings per share Total Assets and Shareholders’ Equity and Return on Return on Average Total Assets Average Ordinary Shareholders’ Equity Total Capital Ratio HK$bn % HK$bn % % 1,800 2.6 200 30 24 180 28 22 1,600 2.4 20 160 26 2.2 18 1,400 140 24 16 2.0 120 22 1,200 14 1.8 100 20 12 1,000 80 18 10 1.6 8 800 60 16 1.4 6 40 14 4 600 1.2 20 12 2 400 1.0 0 10 0 15 16 17 18 19 15 16 17 18 19 15 16 17 18 19 Total assets Shareholders’ equity Total capital ratio Return on average total assets Return on average ordinary shareholders’ equity ANNUAL REPORT 2019 5 CHAIRMAN’S STATEMENT 2019 was a challenging year for Hong Kong. Externally, ongoing uncertainties regarding the future of the international trade order and other geopolitical factors weighed on the global economy. On the domestic front, business sentiment and the economy were adversely affected by social unrest. In this fluid operating environment, Hang Seng abided by its customer- centric principles in conducting business. We continued to deliver best-in- class services and experiences. Our investments in people and technology enabled us to achieve better user friendliness at all customer touchpoints across all channels, physical and digital, and deliver continuously improving economic efficiencies for customers and the Bank. Our enhanced capabilities underpinned the resilience of our financial performance. 6 HANG SENG BANK Attributable profit to shareholders increased by 3% to The Mainland economy expanded by 6.1% in 2019, down HK$24,840m. Earnings per share rose by 2% to HK$12.77. from a growth rate of 6.7% in the previous year, reflecting the softening of trade activity and a drop in exports Return on average ordinary shareholders’ equity was 15.2%, demand, which held down growth in industrial production compared with 16.0% for 2018. Return on average total and manufacturing investment. These economic headwinds assets was 1.5%, compared with 1.6% for the previous year. may become stronger in the months ahead, exacerbated by the impact of the novel coronavirus outbreak. The The Directors have declared a fourth interim dividend of government’s ongoing initiatives to support growth HK$4.00 per share, bringing the total distribution for 2019 through new fiscal and monetary policy measures may to HK$8.20 per share, compared with HK$7.50 per share in help moderate the adverse effects of these challenges. We 2018. expect to see a slowdown in full-year GDP growth for 2020 compared with 2019. Economic Outlook Our actions to build a more agile and resilient organisation The various external and domestic factors that affected have improved our ability to thrive in all types of market the Hong Kong economy last year look set to continue to conditions and act quickly on new opportunities. influence economic performance during 2020. Backed by our well-established competitive strengths, our Hong Kong’s economic output shrank by 1.2% in 2019 drive to stay ahead of the curve of the rapid expansion and after expanding by 2.9% in 2018. Businesses operating in diversification of the financial needs and preferences of retail, trade and other related sectors have been tested customers will allow us to grow market share. This will by the slowdown in the global economy as well as weaker underpin our long-term sustainability and ensure our ability consumer sentiment. An uptick in the unemployment to deliver value for shareholders. rate in recent months is another indicator of the potential challenges facing the city’s economy.
Load more

Recommended publications
  • STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
    STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co.
    [Show full text]
  • Changes to Board Composition (2 March 2009)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (Stock code: 11) A N N O U N C E M E N T Changes to Board Composition The Board of Directors (the “Board”) of Hang Seng Bank Limited (the “Bank”) has today announced the following changes to the Bank’s Board composition to take effect on the dates mentioned below. Retirement of Mr Raymond Or Ching Fai from the Board of the Bank Mr Raymond Or Ching Fai will retire as Vice-Chairman and Chief Executive of the Bank and from the Board with effect from the conclusion of the Bank’s Annual General Meeting to be held on 6 May 2009 (“2009 AGM”). Mr Or has confirmed that he has no disagreement with the Board and that he is not aware of any matter relating to his retirement that needs to be brought to the attention of the shareholders of the Bank. The Board would like to express its gratitude to Mr Or for his outstanding contributions and strong leadership over the years and wish him all the best following his retirement. Proposed Appointment of Mrs Margaret Leung Ko May Yee as non-executive Director of the Bank with effect from 1 April 2009, and as Vice-Chairman and Chief Executive of the Bank with effect from the conclusion of the Bank’s AGM on 6 May 2009 Mrs Margaret Leung Ko May Yee, currently Group General Manager and Global Co-Head Commercial Banking for the HSBC Group, will be appointed a non-executive Director of the Bank with effect from 1 April 2009 until the conclusion of the 2009 AGM.
    [Show full text]
  • Product Brochure Eng Upd V3 Jun07
    IMPORTANT RISK WARNINGS/FUND INFORMATION FOR INVESTORS (Capitalised terms used herein but not otherwise defined will have the same meanings as defined in the Explanatory Memorandum of the Hang Seng Investment Series (the “Series”) and the Term Sheet of the Fund) • Hang Seng Ping An Asian Income Fund (“the Fund”) invests primarily in a balanced portfolio consisting of equity and debt securities issued in the debt and securities markets in the Asia Pacific region (excluding Japan). • Hang Seng Investment Management, as the Manager, has delegated its investment management duties in relation to debt securities to the Sub-investment Manager, and will rely on the Sub-investment Manager’s expertise and systems for the Fund’s investments in debt securities only. Any disruption in the communication with or assistance from the Sub-investment Manager or a loss of service of the Sub-investment Manager or any of its key personnel may adversely affect the operations of the Fund. • The asset allocation of the Fund is determined by the Manager and depends on the views of the Manager and the Sub-investment Manager on fundamental economic and market conditions and investment trends across the globe, the dynamic asset allocation may not achieve the desired results under all circumstances and market conditions. The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a fund with static allocation strategy. • The Fund is also subject to investment risks, equity market risks, risks associated with investing in fixed income instruments, general risks of investments associated with an emerging market, concentration risk and currency and exchange rate control risk.
    [Show full text]
  • Smart Tips for INWARD Payments to Hang Seng Bank Limited (HASEHKHH)
    Smart Tips for INWARD Payments to Hang Seng Bank Limited (HASEHKHH) 1) Provide following general information to your remittance counterpart: Account Holder's Name & Account Number Bank's Name: Hang Seng Bank Limited Bank’s Address: 83 Des Voeux Road Central, Hong Kong SWIFT Code: HASEHKHH Clearing No.: 024 (for local interbank transfer) 2) Our major overseas correspondent bank network for your remittance counterpart’s reference: Currency Correspondent Bank(s) Name SWIFT Code / Fedwire No. Australian Dollar AUD Commonwealth Bank of Australia, Sydney, Australia CTBAAU2S ANZ Bank Ltd, Melbourne, Australia ANZBAU3M Canadian Dollar CAD Canadian Imperial Bank of Commerce, Toronto, Canada CIBCCATT Toronto Dominion Bank, Toronto, Canada TDOMCATTTOR Swiss Franc CHF UBS AG, Zurich, Switzerland UBSWCHZH80A Credit Suisse AG, Zurich, Switzerland CRESCHZZ80A Danish Kroner DKK Danske Bank A/S, Copenhagen, Denmark DABADKKK Euro EUR Unicredit Bank Austria AG, Vienna, Austria BKAUATWW Credit Agricole SA, Paris, France AGRIFRPP Commerzbank AG, Frankfurt, Germany COBADEFF Royal Bank of Scotland N.V, Amsterdam, Holland RBOSNL2A Intesa Sanpaolo SPA, Milan, Italy BCITITMM Banco Santander SA, Madrid, Spain BSCHESMM HSBC Bank PLC, London, UK MIDLGB22 Pound Sterling GBP HSBC Bank PLC, London, UK MIDLGB22 Japanese Yen JPY Bank of Tokyo-Mitsubishi UFJ Ltd, Tokyo, Japan BOTKJPJT Sumitomo Mitsui Banking Corporation, Tokyo, Japan SMBCJPJT Norwegian Kroner NOK DNB NOR Bank ASA, Oslo, Norway DNBANOKK New Zealand Dollar NZD Bank of New Zealand, Wellington, New Zealand BKNZNZ22 Swedish Kroner SEK Svenska Handelsbanken, Stockholm, Sweden HANDSESS Singapore Dollar SGD Hongkong and Shanghai Bkg Corp Ltd, Singapore HSBCSGSG Thai Baht THB Hongkong and Shanghai Bkg Corp Ltd, Bangkok, Thailand HSBCTHBK US Dollar USD Bank of America, San Francisco, USA BOFAUS6S FW 121000358 Bank of New York Mellon, New York, USA IRVTUS3N FW 021000018 Citibank NA, New York, USA CITIUS33 FW 021000089 Deutsche Bank Trust Co Americas, USA BKTRUS33 FW 021001033 HSBC Bank USA, N.A.
    [Show full text]
  • Annual Report 2018 ABOUT CCB
    Vision To become a first-class medium to large bank in Hong Kong Core Values Integrity Impartiality Prudence Mission Creation Provide better service to our customers Create higher value to our shareholders Build up broader career path for our associates Assume full responsibilities as a corporate citizen 28/F, CCB Tower, 3 Connaught Road Central Central, Hong Kong Tel: 3918 6939 www.asia.ccb.com CONTENTS About Us 02 About CCB 03 Our History 04 To Customers and Shareholders 06 Board of Directors and Executive Management 08 Subsidiary, Joint Venture and Associated Companies 15 Corporate Social Responsibility 16 Awards and Honors 22 Report of the Board of Directors 24 Independent Auditor’s Report 27 Consolidated Statement of Profit or Loss 34 Consolidated Statement of Comprehensive Income 35 Consolidated Statement of Financial Position 36 Consolidated Statement of Changes in Equity 38 Consolidated Statement of Cash Flows 40 Notes to the Consolidated Financial Statements 41 Unaudited Supplementary Financial Information 176 Service Network 205 This annual report is printed on environmentally friendly paper. ABOUT US China Construction Bank (Asia) China Construction Bank (Asia) Corporation Limited (“CCB (Asia)”) is the comprehensive and integrated commercial banking platform of China Construction Bank Corporation (“CCB”) in Hong Kong. Currently, CCB (Asia) has over 50 service outlets in Hong Kong and offers a wide array of banking products and services to customers, including consumer banking services, commercial banking services, corporate
    [Show full text]
  • EQUITIES MTR Corporation Ltd (66 HK) CONGLOMERATES 
    8 March 2017 EQUITIES MTR Corporation Ltd (66 HK) CONGLOMERATES Reduce: Resilient business but stock is fully valued Hong Kong FY16 underlying earnings ahead on property development; MAINTAIN REDUCE recurrent earnings was in-line with expectation. Strong land tender pipeline to capture Mainland demand TARGET PRICE (HKD) PREVIOUS TARGET (HKD) 35.00 33.50 Maintain Reduce, but raise TP to HKD35 (from HKD33.5) SHARE PRICE (HKD) UPSIDE/DOWNSIDE Resilient core business, but stock is fully valued. MTR’s underlying earnings 41.45 -15.6% came in ahead of our expectation; recurrent profit (which excludes property (as of 07 Mar 2017) development) was in-line with our expectation. Outlook for the core business remains resilient, with full-year contribution from the new lines underpinning patronage and MARKET DATA Market cap (HKDm) 244,790 Free float 24% EBITDA growth in 2017e, despite having a negative impact on net profit due to Market cap (USDm) 31,526 BBG 66 HK depreciation charges. Despite stable fundamentals, we see potential downside to the 3m ADTV (USDm) 16 RIC 0066.HK stock given premium valuation, with the stock trading at close to par with our NAV, or FINANCIALS AND RATIOS (HKD) 27x 2017e PE, while offering a 2.7% (excl. special) dividend yield. Year to 12/2016a 12/2017e 12/2018e 12/2019e HSBC EPS 1.61 1.53 1.49 1.60 FY16 earnings ahead on property development. MTR reported FY16 underlying HSBC EPS (prev) 1.56 1.55 1.48 - Change (%) 3.2 -1.3 0.7 - earnings of HKD9,446m, down 13% y-o-y, and 3%/4% above consensus/HSBC Consensus EPS 1.58 1.61 1.64 - estimate.
    [Show full text]
  • PPP Case Studies – People's Republic of China
    1 PPP Case Studies People’s Republic of China Craig Sugden, Principal PPP Specialist East Asia Department 13 May 2015 The views expressed in this presentation are the views of the author and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. 2 Background PPP Case Studies: the PRC PRC’s PPP projects 3 EIU’s 1,186 infrastructure PPPs finalised in the Infrascope PRC from 1990 to 2014 highlighted the PRC’s Compared to 838 in India, 126 in the Philippines, 108 in Indonesia, 73 in Sri Lanka, “phenomenal” 65 in Bangladesh wealth of project 648 active PPPs in the UK, 567 in the experience Republic of Korea, 127 in Australia (as of 2013) Source: World Bank. 2015. Private Participation in Infrastructure Projects Database and Burger P. and I. Hawkesworth. 2013. Capital Budgeting and Procurement Practices. Organization for Economic Cooperation and Development. Paris. PPP Case Studies: the PRC PPP activity in the PRC 4 Note: Excludes projects that are led by a majority-state owned enterprise Source: World Bank PIAF Database and IMF PPP Case Studies: the PRC Case studies 5 • Beijing Subway Line 4 The PRC has • Shanghai Huadian Xinzhuang Industrial Park combined cycle heat and power project • Baiyinchagan-Yongtaigong
    [Show full text]
  • MTR Corporation (66 HK) EQUITIES
    Flashnote 6 January 2017 EQUITIES MTR Corporation (66 HK) CONGLOMERATES Reduce: Outlook remains lacklustre Hong Kong Pre-blackout meeting confirmed lacklustre business outlook REDUCE Valuation still rich despite recent share price weakness TARGET PRICE (HKD) PREVIOUS TARGET (HKD) Maintain Reduce with an unchanged TP of HKD33.5 33.50 Pre-blackout meeting provided little encouragement. MTR hosted a pre-blackout SHARE PRICE (HKD) UPSIDE/DOWNSIDE analyst meeting on 5 January 2017 in which management outlined the company’s 38.30 -12.5% performance in 2H16 and its outlook for 2017. We saw little evidence of a significant (as of 04 Jan 2017) improvement in MTR’s fundamental outlook over our current expectation. Share price MARKET DATA has been weak in recent months, but the stock remain expensive in our view, trading Market cap (HKDm) 226,155 Free float 24% at a 4% discount to our NAV estimate, or 25x 2017e PE, despite flat earnings growth Market cap (USDm) 29,162 BBG 66 HK 3m ADTV (USDm) 22 RIC 0066.HK to 2018e and offering just a 2.9% regular dividend yield in 2017e (based on the current share price on an ex-div basis, i.e. after the upcoming special dividend FINANCIALS AND RATIOS (HKD) (HKD2.2/sh) in July). Year to 12/2015a 12/2016e 12/2017e 12/2018e HSBC EPS 1.87 1.56 1.55 1.48 HSBC EPS (prev) - - - - Core business outlook remains lacklustre. 1) patronage growth remained sluggish Change (%) - - - - in 2H16 (+0.4% through 11M16, vs +0.2% in 1H16) and we expect organic patronage Consensus EPS 1.83 1.55 1.65 1.65 PE (x) 20.5 24.6 24.7
    [Show full text]
  • Hang Seng Bank Branch Location
    Hang Seng Bank Bank Branch Address 1. Wong Tai Sin Branch Shop No.121A, Level 1, Wong Tai Sin Plaza 2. MTR Kwai Fong Station (This branch was closed after July 31, 2021) Office 3. Metro City Branch Shop 211, Level 2, Metro City, Phase 1 4. Lok Fu Plaza Branch Shop G202, Lok Fu Plaza 5. Castle Peak Road Branch 339 Castle Peak Road 6. Quarry Bay Branch 989 King's Road 7. Polytechnic University Room VA207, The HK Polytechnic University Branch 8. Shau Kei Wan Branch Shop 6, 1/F, i-UniQ Residence, 295 Shau Kei Wan Road 9. Tai Po Branch 35 Kwong Fuk Road 10. Johnston Road Branch 142 Johnston Road 11. Taikoo Shing Branch Shop G15, G/F, Fu Shan Mansion, 25 Taikoo Shing Road 12. Tam Kung Road Branch 38 Tam Kung Road 13. 141 Prince Edward Road 141 Prince Edward Road Branch 14. Aberdeen Centre Branch 10 Nam Ning Street 15. Fanling Branch 9 Luen Hing Street, Luen Wo Market 16. Sheung Wan Branch Shop 9-10, 1/F, Tung Ning Building, 251 Des Voeux Road Central 17. Tsz Wan Shan Branch 63 Fung Tak Road 18. Tai Wai Branch 33 Tai Wai Road 19. Mei Foo Sun Chuen (Nassau 10 Nassau Street St) Branch Bank Branch Address 20. Mei Foo Sun Chuen (Nassau Shops Nos. N23-N25, G/F, Nos. 1-15, 2-24 Nassau St) Prestige Banking Centre Street, Mei Foo Sun Chuen 21. San Fung Avenue Branch 53 San Fung Avenue 22. San Fung Avenue Prestige 94 San Fung Avenue Banking Centre 23.
    [Show full text]
  • Hang Seng Becomes First Hong Kong Bank to Adopt 'Iam Smart' Verification
    12 April 2021 Hang Seng Becomes First Hong Kong Bank to Adopt ‘iAM Smart’ Verification Customers Can Enjoy Convenience of Using ‘iAM Smart’ Identify Authentication at All Branches for Immediate Assistance with Range of Banking Needs And Enquiries Hang Seng Bank has notched up another first in its ongoing drive to provide customer- centric, fintech-enabled services that make banking easier and more convenient. Beginning today (12 April), customers will be able to use the ‘iAM Smart’ mobile app for identity verification purposes at all Hang Seng branches*, giving individuals a convenient digital alternative to providing their physical Hong Kong ID card. The launch of this service today also makes Hang Seng the first bank in Hong Kong to accept the use of ‘iAM Smart’ as a valid form of identification. All digitally equipped frontline staff at Hang Seng branches can now use their tablets to verify the identity of customers who have registered with ‘iAM Smart’. This new capability will save customers’ time by increasing the scope of in-branch banking needs and enquiries that can be dealt with away from the counter. Digital Advocates and General Banking Managers can assist customers with services such as applying for a new ATM card or card replacement, ordering cheque books and requesting copies of bank account statement without needing to ask for their physical Hong Kong ID card. The Bank will continue to expand the range of services that digitally equipped frontline staff can handle for customers. Hang Seng has been making good use of innovative technology to enhance branch services and provide seamless online-offline banking experience for customers.
    [Show full text]
  • Principal Brochure
    Principal Brochure Hang Seng Mandatory Provident Fund – ValueChoice Hang Seng MPF where your future comes first. Please note that this ‘Principal Brochure’ is comprised of three parts: (1) Product Information, (2) Fund Structure and (3) Fee Table which should be read in conjunction with each other. Hang Seng Bank Limited and HSBC Provident Fund Trustee (Hong Kong) Limited have prepared and accepted responsibility of the ‘Principal Brochure’. The contents in the ‘Principal Brochure’ are accurate as of 1 November 2018. L-HAMPF002B(VC) v12/1118 (1118) Issued by Hang Seng Bank Limited and HSBC Provident Fund Trustee (Hong Kong) Limited First Supplement to the Hang Seng Mandatory Provident Fund – ValueChoice Principal Brochure 1 April 2019 This first Supplement forms part of the ‘Principal Brochure’ and should be read in conjunction with the ‘Principal Brochure’ dated 1 November 2018. If you are in doubt about the meaning or effect of the contents of this document, you should seek independent professional advice. Please note that the ‘Principal Brochure’ of the Hang Seng Mandatory Provident Fund – ValueChoice has been amended as follows, with effect from 1 April 2019: Important notes <<The fifth bullet point shall be deleted in its entirety and replaced with the following>> • MPF Benefits, AVC Benefits and TVC Benefits payable on a Member’s 65th birthday or early retirement on or after his/her reaching age 60 can be paid in one lump sum or in instalments, at the Member’s election (in such form and on such terms as the Trustee may, to the extent not prohibited by the ‘MPF Ordinance’ or General Regulation, prescribe).
    [Show full text]
  • Press Release
    Hang Seng Indexes Company Launches Hang Seng New Consumption Index and Hang Seng Shanghai-Shenzhen-Hong Kong New Consumption Index Investable Indexes to Reflect Performances of Stocks in Traditional and Online Consumption Sectors (Hong Kong, 26 July 2021) Hang Seng Indexes Company today launched the Hang Seng New Consumption Index and Hang Seng Shanghai-Shenzhen-Hong Kong New Consumption Index. With a series of policies put forward by mainland China recently to focus on facilitating Internet+ and e-commerce, China will likely see a new growth in the consumption sector driven by these policies in the coming years. Meanwhile, the two new indexes are designed by Hang Seng Indexes Company to capture the full picture of listed companies in traditional consumption sectors (i.e., consumer discretionary and consumer staples) as well as online consumption sectors such as e-commerce, online/mobile gaming, media streaming and healthcare retail amid the shifting megatrends in consumption patterns in China. The Hang Seng New Consumption Index covers Hong Kong-listed Greater China companies; while the Hang Seng Shanghai-Shenzhen-Hong Kong New Consumption Index is a cross-market index, covering Mainland-listed A shares and Hong Kong-listed shares that are eligible for southbound trading under the Stock Connect Scheme. Daniel Wong, Director & Chief Index Officer at Hang Seng Indexes Company, said: “According to China’s National Bureau of Statistics, online retail sales amounted to RMB11.76 trillion in 2020, representing an increase of 10.9% compared with 20191, indicating that the rise of China’s technology-driven consumption brands and development of e-commerce are catalysing the transformation of China’s consumption model to weigh more on online consumption.
    [Show full text]