Wing Lung Bank / 永隆銀行

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GSL reference about the bank

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Wing Lung Bank is a Hong Kong subsidiary of the large China Merchant Bank;
- asks to open a personal account for the director or shareholder and deposit into it USD 60,000 for a period of 6 years at 5% annually, which deposit cannot be taken out before this period expires;
- is ready open a corporate account provided that a deposit as above has been made;
- does NOT have any excessive requirements for the information or additional documents to be provided;
- director’s visit to the bank is OBLIGATORY both for personal and corporate account opening (shareholder must also visit the bank if he is the depositor);
- corporate accounts are opened for Hong Kong companies ONLY;
- has English-speaking staff and user-friendly Internet banking. 

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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
    695 12 — — C
    Year of foundation 1933
    History Founded in 1933, Wing Lung Bank is one of the oldest local banks in Hong Kong. The bank operates 51 offices in Hong Kong, continental China, Macao, and abroad. The bank has over 1700 staff. As at 31 December 2013, the total worth of assets under management was HKD 217.2 billion. Wing Lung Bank joined China Merchants Bank Group in 2008 and became the Group’s wholly-owned subsidiary in 2009. Asset-wise, China Merchants Bank is the China’s sixth largest commercial bank and is one of 100 largest banks in the world
    Personnel The staff speak English and Chinese
    Bank’s shareholders China Merchants Bank Group
    Confidentiality Judicial Cooperation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    — — 15 500 No restrictions No restrictions
    Initial deposit of funds, € To open a corporate account, it is necessary to first make in the name of director or shareholder a personal insurance deposit of USD 60,102 for a period of 6 years at 5% annually. A deposit can be made as a lump sum or in annual installments of USD 20,034

    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 N/A N/A N/A

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    56 56 Not necessary Detailed Current
    Visit to the bank A visit to the bank is obligatory
    Required 1. Original or certified copy of the Certificate of Business Registration; 2. Original or certified copy of the Certificate of Incorporation; 3. Original or certified copy of the Memorandum & Articles of Association; 4. Square stamp of the company; and 5. ID and proof of address for directors (or sole director) and for shareholders
    Types of accounts Personal; Corporate; Savings; Current
    Opening procedure and Due Diligence it is possible to open an account without visiting a professional introducer
    Chances to open an account Predictable
     
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