Definition on relationship with Welab Bank Limited directors / employees / controllers / minority shareholder controllers

  1. “Relative” is defined under Rule 85(4) of the Banking (Exposure Limits) Rules (Cap.155S) as: (a) a parent, grandparent or great grandparent; (b) a step-parent or adoptive parent; (c) a brother or sister; (d) the spouse; (e) if the person is a party to a union of concubinage – the other party of the union; (f) a cohabitee; (g) a parent, step-parent or adoptive parent of a spouse; (h) a brother or sister of a spouse; (i) a son, step-son, adopted son, daughter, step-daughter or adopted daughter; or (j) a grandson, granddaughter, great grandson or great granddaughter.
  2. “Controller” is defined under Section 2 of the Banking Ordinance (Cap.155) as, in relation to a company : (a) an indirect controller (i.e. any person in accordance with whose directions or instructions the directors of the company or of another company of which it is a subsidiary are accustomed to act, but does not include a Manager or Advisor appointed under Section 52 of the Banking Ordinance (Cap.155) or any person in accordance with whose directions or instructions those directors are accustomed to act by reason only that they act on advice given by him in his professional capacity); or (b) a majority shareholder controller (i.e. any person who, either alone or with any associate or associates, is entitled to exercise, or control the exercise of, more than 50% of the voting power at any general meeting of the company or of another company of which it is a subsidiary).
  3. “Minority shareholder controller” is defined under Section 2 of the Banking Ordinance (Cap.155) as, in relation to a company : any person who, either alone or with any associate or associates, is entitled to exercise, or control the exercise, or control the exercise of, 10% or more, but not more than 50%, of the voting power at any general meeting of the company or another company of which it is a subsidiary.