Industrial and Commercial Bank of China (Macau)

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The Industrial and Commercial Bank of China (Macau) Limited (Chinese: 中國工商銀行(澳門)股份有限公司) formerly known as the Seng Heng Bank Limited (Chinese: 誠興銀行) established in 2009, is the third largest locally incorporated bank in Macau, China. In August 2007, Industrial and Commercial Bank of China (ICBC) acquired a 79.9 percent share in the bank, which became a subsidiary of ICBC. In July 2009, the merger was finalized and renamed ICBC (Macau) as such all branches of Seng Heng Bank are now re-branded as ICBC (Macau).[1]

History[edit]

The bank was acquired by Sociedade de Turismo e Diversoes de Macau S.A. in 1989, and is a wholly owned subsidiary. It was said to be the first bank in Greater China to offer a pre-paid debit card. [2]

Seng Heng Bank operates more than 210 service outlets, including 106 branches. Seng Heng also maintains a branch in Shenzhen for foreign currency wholesale business, branches in Macau and Singapore, and representative offices in Xiamen and Taipei. Seng Heng Bank, through its wholly owned mainland China subsidiary, Hang Seng Bank (China) Limited, operates a network of 33 outlets in Beijing, Shanghai, Guangzhou, Shenzhen, Dongguan, Fuzhou, Nanjing, Hangzhou, Ningbo, Tianjin and Kunming. On December 31, 2008, the Bank acquired 20% of Yantai City Commercial Bank.

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