HANG SENG BANK OPENS TAIPEI REPRESENTATIVE OFFICE

Hang Seng Bank today opened a representative office in Taipei, making its debut in the Taiwanese market. An opening ceremony was held this afternoon at The Sherwood Taipei.

The representative office is located at Walsin Financial Building, 11/F Suite A, 117 Min Sheng East Road, Section 3, Taipei. The office is headed by the Chief Representative, Mr Thomas Tse. Mr Vincent Cheng, the Bank's Vice-Chairman and Chief Executive, said: "With the opening of our representative office in Taipei, we can strengthen our relationships with the Taiwanese commercial and banking communities and expand our business with Taiwanese companies. We can provide our Taiwanese customers with financial and market information to facilitate their business development in Hong Kong and neighbouring areas." The Bank provides financing to various leading Taiwanese companies in the chemicals, chemical fibres, computer, electronics and other manufacturing sectors. It also has correspondent banking relationships with about 20 Taiwanese banks. As a full member of the World Trade Organization since 1 January 2002, Taiwan will further liberalise its import market and open up its services sectors, including the financial sector, for foreign investment. "The opening of the representative office will help us explore the business opportunities in the Taiwanese market," Mr Cheng said. Taiwan is one of Hong Kong's major trading partners. According to Hong Kong government statistics, Taiwan is Hong Kong's third largest supplier of imported goods. In the first 11 months of 2001, total imports from Taiwan amounted to HK$99.8 billion while Hong Kong's total exports to Taiwan amounted to HK$32.3 billion. Founded in 1933, Hang Seng Bank, a principal member of the HSBC Group and the second largest listed bank in Hong Kong, operates 156 branches and automated banking centres in Hong Kong; branches in Guangzhou, Shanghai, Shenzhen and Fuzhou; and representative offices in Beijing, Xiamen and Taipei. With consolidated assets of HK$482.6 billion at the end of June 2001, the Bank reported a profit attributable to shareholders of HK$5.38 billion for the first half of 2001, and HK$10 billion for the full year of 2000. For further information on Hang Seng, please visit the Bank's website at www.hangseng.com.