Seng Heng Bank continues to improve personal wealth management services in response to the increasing wealth management demand of high-net-worth customers benefiting from the persistent double-digit economic growth in Macau. Risk-driven investment strategies have helped Seng Heng survive the US subprime crisis with minimal adverse effects on profit for 2007 or interim this year. The bank managed to improve its cost-income ratio to 37% and also maintain a low non-performing loan ratio of 0.4%.
The acquisition by ICBC this January has already started creating synergies for Seng Heng, says Hong Yu, the bank’s CEO and executive director. “We benefit from ICBC’s comprehensive global service network, solid customer base and award-winning IT platform,” he says.
“Macau is a superb platform for the West to meet East due to its ideally situated location and close connections with Europe through Portugal. We strive to leverage on the platform of Macau to capture opportunities from economic growth in China and develop business between China and the Portuguese-speaking countries through ICBC, our own branches in Macau and our representative office in Lisbon.”
