Hang Seng expresses commitment to China

Hang Seng Bank held a Board of Directors meeting in Yantai City to express its strong commitment to mainland China. Yantai in Shandong province is home to one of the Bank's strategic partners, Yantai Bank.

Dr Raymond Ch’ien, Chairman of Hang Seng, and Mrs Margaret Leung, Vice-Chairman and Chief Executive, were among the Directors present at the meeting.

During their trip, Board members met with Mr Zhang Jiangting, Mayor of Yantai; Mr Zhang Guangbo, Vice Mayor of Yantai; Mr Song Weining, Secretary General of Yantai Government; Mr Du Fuxing, Vice Secretary General of Yantai Government; Mr Bi Jifan, Director of China Banking Regulatory Commission, Yantai Office; Ms Gong Yunmei, Vice President of the People's Bank of China, Yantai Branch; and Mr Zhuang Yonghui, Chairman of Yantai Bank.

Mrs Leung said: "We see great business potential in Yantai, which is the second-largest city in Shandong. Our investment in Yantai Bank marks a significant step forward in our Mainland strategy. We will continue to strengthen our Mainland network, focusing on the Bohai Economic Rim region, the Yangtze River Delta region, and, in particular, the Pearl River Delta region following the recent implementation of CEPA Supplement VI," said Mrs. Leung.

At the end of 2008, Hang Seng acquired 20 percent of the enlarged share capital of Yantai Bank for approximately US$117 million to become its largest shareholder. In March this year, the Bank unveiled the early results of the strategic partnership with the launch of Yantai Bank’s new corporate image.

Hang Seng provides Yantai Bank with technical support in various areas – including personal financial services, corporate governance and risk management – through the secondment of executives, training and job attachments.

Hang Seng's total investment on the Mainland is now about US$1.08 billion.