Seng Heng Bank
Seng Heng Bank has captured the award again this year because of both its reasonably strong performance in 2002 and its continued dominant position in the local market.
On the performance front, the bank grew net profit by almost 5% and Tier 1 capital by 14% in 2002. ROE was 13.1%, while its cost-to-income ratio dipped to 55.9% from 60.7% in 2001.
Seng Heng showed why it is the market leader in Macau with its capture of the largest share of bank deposits. Attractive products and competitive pricing were behind this achievement. The bank also topped the market in credit card merchant acquisitions for the seventh consecutive year and was recognised as the best in fraud control. In asset management, it achieved excellent returns amid a bearish equity market.
The bank stepped up its efforts to promote Macau as an offshore financial centre, providing companies with such one-stop services as offshore licence application, registration, incorporation, staff recruitment, office procurement and banking services.
“Our motto – Flexible Systems to Respond to Emerging Challenges – helps us to excel in moving quickly with market change. This leads to corporate re-engineering, encouraging staff to outdo themselves,” said Patrick Huen, chief executive of Seng Heng Bank.
