Hong Kong-based Chong Hing Bank's Hengqin Branch was officially inaugurated on August 30. This is the second Hong Kong-funded bank to establish a branch in the Hengqin Area of China (Guangdong) Pilot Free Trade Zone.
Chong Hing Bank had already established a branch in Guangdong's Nansha district, offering comprehensive retail and wholesale banking business, covering securities, commodities, investment and insurance.
In the future, the bank intends to focus on Guangdong-Hong Kong cross-border financial services. Based on Guangzhou and Hong Kong, Chong Hing Bank aims to further develop its business in the country's major cities and become a competitive international banking group.
The Hengqin branch is a further step in the bank's national strategy. With the help of policy advantages on offer, the Hengqin branch is pledged to bring its geographical, shareholder and professional service advantages into full play. Together with the Hong Kong headquarters and the Macao branch, the Hengqin branch will provide services for the real economy and greatly develop cross-border financial services in the China (Guangdong) Pilot Free Trade Zone.
Chong Hing Bank is a bank founded in Hong Kong in 1948. It was listed on the Hong Kong Stock Exchange in 1994. In addition to the Hong Kong headquarters and 45 local branches there, Chong Hing Bank also has branches in Guangzhou, Shantou and Macao, and sub-branches in Tianhe of Guangzhou, Foshan and Nansha.
It also has offices in Shanghai and San Francisco. On February 14, 2014, Yuexiu Group acquired 75 percent of Chong Hing Bank stock to become the controlling shareholder as part of its strategy targeting financial industry expansion.