Recent news about banks in Hong Kong.

DBS staff arrested for alleged corruption in customer data leak

Anti-corruption agency has arrested 20 people of former and current staff in the bank’s sales team in a prob connected with an alleged leak of customer data, according to a report by Hong Kong’s Apple Daily. Apple Daily reported, the… Continue Reading →

HSBC rents co-working space for cutting cost?

The biggest deal of membership subscription in Hong Kong yet: 300 I.T. specialists are moved to a hot-desking site in Causeway Bay Setting up transitional office in Causeway Bay to house its digital and transformation teams requires long-term leasing contract… Continue Reading →

Cooling China economy hits Hong Kong and Singapre

The banking boom days are officially over in Hong Kong and Singapore Asia’s two top financial hubs are facing a rapid growth deceleration with China’s slowdown and the continuing shrinkage of the financial industry striking both Singapore and Hong Kong…. Continue Reading →

Mainland China is the biggest risk to Hong Kong banking stability

Hong Kong banking sector outlook remains “negative” Generally, analysts attribute the negative outlook to Hong Kong banks’ growing exposures to mainland China, deteriorating credit conditions in mainland, asset market imbalances Hong Kong’s economy, and the government’s proposal on revised bank… Continue Reading →

HSBC forecasts weaker renminbi to 6.9 againt USD

Chinese yuan internationalization remains Investors have to accept that more volatile and possibly weaker RMB to USD as the new “normal”. 6 April 2016 HSBC analyst sees renminbi down 6% by year-end The Chinese renminbi is likely to further weaken… Continue Reading →

Risk of bad loan is escalating in China lending banks

The biggest questions to global economy is how China might deal with a vast pool of bad debts. Theoretically, for banks to immediately recognize the losses embedded in bad loans and recovery for those losses by raising fresh capital is… Continue Reading →

HSBC is said to be reducing salaries expense globally

Salary freeze and cease of recruitment are rumored around. HSBC fires the first shot that was heard around the world in 2016, amid slowing down economy growth of China. The bank told its staff a detailed cost-cutting plan last Friday,… Continue Reading →

IMF Backs HK’s Currency Peg

Hong Kong Monetary Authority (HKMA)’s monetary policy of linking HKD to USD is affirmed by International Monetary Fund (IMF). Hong Kong linked exchange-rate system should be maintained as the vital pillar for the city’s economy, the linked rate of USD1… Continue Reading →

HK ranked world’s 5th easiest place to do business

Hong Kong is no longer the top three best places to do business worldwide, according to a new World Bank report. The World Bank released the latest report of the Doing Business 2016 Report on 28 October to compares the ease of doing business among 189 countries and territories across… Continue Reading →

StanChart leaving its equity derivatives business

New move of the bank’s global restructures Standard Chartered (2888.HK) announced on 26 October the decision to close its equity derivatives and convertible bonds businesses, following the closure of its global equities operations earlier this year. The new move is part of… Continue Reading →

China individual investors prefer Hong Kong

More “high net worth” individuals from China seeking global investment shop in Hong Kong’s financial institutes. Hong Kong’s visitors from mainland China has been shrinking, but local wealth management centers are still attractive to mainland customers. Bank of China Hong Kong (2388.HK) private banking division, established since… Continue Reading →

China’s CCB buys 75% stake of UK metals trading firm

China Construction Bank will become the 2nd Chinese company with access to London Metal Exchange’s trading floor. China’s China Construction Bank (CCB)(0939.HK), the second largest bank in China, announced on 21 October that it will buy a 75% stake in London… Continue Reading →

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