Founded in 1972, Seng Heng Bank (SHB) is a licensed bank in Macau. It has become a member of the Sociedade de Turismo e Diversões de Macau (STDM) in 1989.  After years of persistent endeavors, the bank has grounded itself among the most significant financial and banking entities in Macau, ranked the third largest local commercial bank.  SHB owes to its supportive clients the enormous success over the year.

The Industrial and Commercial Bank of China (ICBC) has entered a sales and purchase agreement with STDM and Mr. Patrick Huen (the Sellers) on August 28, 2007.  Pursuant to the agreement, ICBC will buy a total of 119,900 ordinary shares of SHB, representing 79.9333% of its total issued share capital, from the Sellers for a cash consideration of MOP 4,683,311,229.44.

At the board meeting of Seng Heng Bank (SHB) held on 28 January 2008, Mr. Zhu Xiaoping was appointed Chairman of the Board, Mr. Patrick Huen was appointed Vice Chairman of the Board, while Mr. Yu Hong the latest President of SHB.

"The purchase of SHB shares constitutes an important strategic move of Industrial and Commercial Bank of China (ICBC) to achieve an international presence.  It is a crucial and meaningful strategy which helps elevate ICBC to the leading position in Hong Kong-Macau-Zhuhai economic zone as well as in the regional and international banking arena.  ICBC will strive to reinforce the leading position of SHB in Macau through development of professional staff and enlargement of client base as well as application of state-of-the-art banking technologies.  SHB will thus become a top-notch local banking institution with an ever-growing number of clients and cost-effectiveness.  Leveraging this and the economic boom of Macau and China, ICBC would in turn achieve a rapid growth", stated Mr. Jiang Jianqing, chairman of ICBC, at the closing ceremony of acquisition on 28 January 2008.

Mr. Zhu Xiaoping, chairman of SHB also expressed his confidence in uplifting the bank's brand image and market position through the support of shareholders, board members and company staff.  With increasing profitability and cost-effectiveness, SHB would contribute to the economic and social development of the Macau SAR.

Mr. Patrick Huen, a shareholder and the vice chairman of SHB indicated that the transaction aimed to forge a strong and competitive banking platform, which would provide customers of SHB with a wider range of products and more diverse sales channels.  The advantages of the transaction did not limited to a better portfolio of banking services for a growing population of SHB customers and a larger business operation.  It also helped pave the way for the bank's future development goals.

Honorable guests who were present at the closing ceremony include Mr. Li Benjun, Deputy Director of Liaison Office of the Central People's Government in Macao SAR, Mr. Huang Song Fu, Deputy Commissioner of the Ministry Affairs of the People's Republic of China in Macao SAR, Mr. Tam Pak Yuen, Secretary for Economy and Finance of Macau SAR, Mr. Teng Lin Seng, President of Administrative Committee of Macao Monetary Authority, Mr. Jiang Jianqing, Chairman of ICBC, Dr. Stanley Ho, Managing Director of STDM and Dr. Pan Gongsheng, Secretary to the Board of ICBC.