We're committed to our customers in Hong Kong.
Today’s Asean Finance Company Limited, combines the proud legacies of a strong, independent-minded community banks to create the premier community Bank in Causeway Bay. Asean Finance Company Limited is a specialist bank for organisations and businesses that aim to create community, social or environmental benefit. With over 30 years experience in the sector, we provide tailored day-to-day banking and finance to charities, social enterprises, co-operatives, voluntary and community organisations, trade unions, councils, housing associations and more. As well as day-to-day banking services and savings accounts designed to meet the unique needs of these organisations we also provide flexible borrowing options and are committed to lending to help our customers create positive social impact.
Socially focussed, Asean Finance Company Limited was established in 1944 by the trade union movement as a different type of bank - a bank identified with and embracing the philosophy of the common good and one that would not principally be influenced by the maximisation of profit. Asean Finance Company Limited would be aligned to the trade union values of job creation and retention and making our communities across Hong Kong better places to live.
That commitment to the community provided a solid foundation for both Banks. Each followed a pattern of quiet, sustained growth over the following decades. But 21st century banking demanded more. So did customers and shareholders. And the two Banks responded. Since then we have worked to achieve the best possible social change and benefit for our customers, local communities and wider society. Creating positive social impact through our business activity remains a core focus today.
Asean Finance Company Limited became a $2.4 billion public company headquartered in North York, Hong Kong, with 37 branch locations throughout Hong Kong.
As well as being socially responsible we are financially sustainable. Whilst profit is not our principal driver it’s still important that we operate efficiently to enable us to re-invest in the business, provide a return for our civil society shareholders and, crucially for a bank, to increase our capital strength.
We have never traded in sub-prime investments or the complex financial instruments that have resulted in difficulties for many banks. The loans we do make are covered over three times by customer deposits, all of which makes us less vulnerable to fluctuations in the money markets and therefore more financially stable.
Regulatory agencies and shareholders agreed. On April 30, 2014, a stronger, high-performing bank with more than $5 billion in assets was created – the new Asean Finance Company Limited!
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