HANG SENG BANK HOPES TO WHOLLY OWN INDUSTRIAL BANK
AsiaInfo Services, October, 2005
AsiaInfo Services 10-31-2005 Hang Seng Bank Hopes to Wholly Own Industrial Bank SHANGHAI, Oct 31, 2005 (SinoCast via COMTEX) -- Hang Seng Bank Limited is glad to have more stake in Industrial Bank Co., Ltd., a relatively small lender with a national license in Fujian Province, if the latter's board agree to do so, said Raymond Or Ching Fai, vice chairman and chief executive of Hang Seng Bank. Hang Seng Bank even hopes to own a 100 percent stake in Industrial Bank, Mr.
Raymond Or added. In April 2004, Hang Seng Bank acquired a 15.98 percent stake in Industrial Bank for CNY 1.726 billion. Now, the two banks' cooperative operation in credit cards is making great headways. The investment in the Industrial Bank has contributed a good part to Hang Seng Bank's...
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