OCBC Wing Hang Bank / 華僑永亨銀行

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May, 2015 October, 2018 July, 2018

GSL reference about the bank

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The bank is open to any jurisdictions in case the entire beneficial ownership structure is disclosed. 
A visit to Hong Kong of all directors and shareholders (with more than 10% shareholding) is required to open an account

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated — — N/R
    Year of foundation 1937
    History Wing Hang Bank was established in 1937 in Canton. The bank set up its first subsidiary in Macau in 1941. In 1973 Wing Hang Bank was acquired by Irving Trust, a US bank, which in 1988 merged with Bank of New York, which began gradually to sell out its share in the Hong Kong bank. In 2003 Wing Hang Bank was acquired by a medium-sized Hong Kong-based Chekiang First Bank (established in 1907 in Hangzhou). In late July 2014, Wing Hang Bank became a subsidiary of Singapore financial group Oversea-Chinese Banking Corporation (OCBC) and changed its name to OCBC Wing Hang Bank
    Personnel The staff speak English
    Bank’s shareholders Financial group Oversea-Chinese Banking Corporation (OCBC)
    Confidentiality AML legislation is strictly observed

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    — — 500 1 No restrictions
    Transactions permitted per month There is no restriction as to the number of transactions
    Initial deposit of funds, € The initial deposit is HKD 50 000 (EUR 5 000). If the average balance of account is less than HKD 100 000 (EUR 10 000), the annual maintenance fee is considerably higher
    Deadline for the initial deposit, month The initial deposit is made at the time of opening the account
    How fast payments are executed Payments are executed same day or next business day

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    N/A N/A 80 N/A N/A
    Account maintenance, €/year The account opening fee is HKD 9 000 (EUR 900). The annual maintenance fee is HKD 800 (EUR 80). If the average balance of account is less than HKD 100 000 (EUR 10 000), the bank charges a monthly fee of HKD 500 (EUR 50)
    Distant access to the account Internet banking is available which allows transactions of up to EUR 200 000 for non-registered recipients (the amount is greater for registered ones)

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Current
    Visit to the bank A visit to the bank is required
    Required A standard set of corporate documents. A set of copies of documents for a foreign shareholder. Copies of internal and international passport for the director and beneficial owner. The bank’s requirements for documents vary depending on each specific case
    Types of accounts Personal; Corporate; Current
    Chances to open an account Predictable
    Business description Standard requirements for business description: description of the business’ origins and current status, source of funds, details of beneficial owner’s biography and contact information
     
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