Wing On Bank
| Company type | Private company |
|---|---|
| Industry | Banking |
| Founded | 1931 |
| Founder | Kwok family (Kwok Lok and Kwok Chuen) |
| Defunct | 1986 (as The Wing On Bank Limited) |
| Fate | Taken over by Hang Seng Bank in 1986; later transformed into D.A.H. Private Bank Ltd in 1997 |
| Successor | D.A.H. Private Bank Ltd (later MEVAS Bank) |
| Headquarters | Hong Kong , Hong Kong |
Area served | Hong Kong |
Key people | Kwok Lam-po, Albert Kwok (former general manager) |
| Products | Banking services, private banking |
| Owner | Wing On Holdings (68.8% by Kwok family before takeover) |
| Parent | Wing On Holdings (before takeover), later Hang Seng Bank, then Dah Sing Bank |
The Wing On Bank Limited (Chinese: 香港永安銀行有限公司) was a banking institution in Hong Kong, predominantly owned by Wing On Holdings, a publicly traded company with 68.8% of its shares held by the Kwok family, including Kwok Lam-po.
History
Established in 1931 by the Kwok family, under the leadership of Kwok Lok (郭樂) and Kwok Chuen (郭泉), the bank originated as an extension of an insurance business connected to the prosperous Wing On department store.
Financial Failure
In 1986, the bank faced collapse after auditors expressed fundamental doubts about its 1985 financial statements, and shareholders declined a proposed capital increase of HK$154 million. Subsequently, Hang Seng Bank provided a cash rescue amounting to HK$150 million in December 1985.
By June 1986, Hang Seng assumed management control, invested a total of HK$330 million, shut down loss-making branches, and returned the bank to profitability. This capital injection translated into a 50.3% ownership share for Hang Seng.
The Legislative Council of Hong Kong sanctioned HK$10 million to investigate suspected criminal activities related to the collapse, revealing questionable loans totaling HK$275 million linked to Albert Kwok, the former general manager who had passed away. In 1993, Hang Seng disposed of its majority interest to Dah Sing Bank.
D.A.H. Private Bank Ltd period
In 1997, Dah Sing Bank transformed Wing On into a private banking entity named D.A.H. Private Bank Ltd (安新私人銀行有限公司), which was co-owned by Dah Sing, Abbey National, and SG Hambros. By 2000, Dah Sing secured full ownership, consolidated most private banking services under Dah Sing Bank, and rebranded the remaining operations as MEVAS Bank in 2001.