Hang Seng Bank

Hang Seng Bank Limited (Chinese: 恒生銀行有限公司) is a Hong Kong-based banking and financial services company with headquarters in Central, Hong Kong. It is one of Hong Kong's leading public companies in terms of market capitalisation and is part of the HSBC Group, which holds a majority equity interest in the bank.

Hang Seng Bank is a commercial bank whose major business activities include retail banking, wealth management, commercial banking, treasury services, and private banking. Hang Seng Bank operates a network of around 220 branches in Hong Kong. It also has a wholly owned subsidiary in mainland China, Hang Seng Bank (China) Limited which has a network of 46 branches and sub branches.

It established the Hang Seng Index as a public service in 1969 and this stock market index is now generally known as the primary indicator of the Hong Kong stock market.

History

Hang Seng Bank, which in Cantonese means "ever-growing bank", was originally founded as Hang Seng Ngan Ho by S. H. Ho and three business partners in 1933. Hang Seng Bank commenced business as a simple money-changing shop at 70 Wing Lok Street, Sheung Wan, Hong Kong on 3 March 1933. In 1952, Hang Seng Bank became a private company and embarked on commercial banking. Hang Seng Bank turned into a public company in 1960. In 1965, Hang Seng Bank suffered from bank run of which depleted almost one-fourth of its deposits. Because of that, The Hongkong and Shanghai Banking Corporation (HSBC) acquired a 51% interest of Hang Seng Bank, subsequently increased to 62.14% and owned the controlling power of Hang Seng Bank.

Hang Seng Index

The Hang Seng Index (abbreviated: HSI, Chinese: 恒生指數) is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. These 50 constituent companies represent about 58% of the capitalisation of the Hong Kong Stock Exchange.

HSI was started on November 24, 1969, and is currently compiled and maintained by Hang Seng Indexes Company Limited, which is a wholly owned subsidiary of Hang Seng Bank, one of the largest banks registered and listed in Hong Kong in terms of market capitalisation. It is responsible for compiling, publishing and managing the Hang Seng Index and a range of other stock indexes, such as Hang Seng China Enterprises Index, Hang Seng China AH Index Series, Hang Seng China H-Financials Index, Hang Seng Composite Index Series, Hang Seng China A Industry Top Index, Hang Seng Corporate Sustainability Index Series and Hang Seng Total Return Index Series. Hang Seng in turn, despite being a public company, is held in majority by British financial firm HSBC.

Hang Seng (disambiguation)

Hang Seng may refer to: