Bank of East Asia Tag

21 Mar HSBC leaves prime lending and deposit rates unchanged as borrowers eye interest relief later this year

Posted at 04:21h in Asia

Hong Kong’s biggest lender HSBC announced it will keep its lending and deposit rates unchanged in line with the city’s monetary authority, meaning businesses and mortgage borrowers will have to wait until at least later this year for interest relief as the economy struggles to...

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18 Mar EMPF Platform: Hong Kong to migrate smallest pension firms first, with giants like HSBC to bring up the rear by end-2025, regulator says

Posted at 10:40h in Asia

YF Life Trustees, the smallest of Hong Kong’s Mandatory Provident Fund (MPF) providers, will be the first to migrate to the soon-to-be-launched eMPF Platform, while HSBC, the largest provider, will be the last, according to a detailed timeline announced by the pensions regulator on Monday.The...

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06 Mar Exclusive | Hong Kong Monetary Authority asks banks to exercise caution when offering property loans for speculative ‘confirmor sales’

Posted at 23:30h in Asia

A confirmor sale occurs when a purchaser or confirmor enters into an agreement for the sale and purchase of a property with the owner or vendor, but before completion sub-sells the property to a sub-purchaser. A few such transactions have been noticed since the removal...

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21 Feb Bank of East Asia cut its exposure to China’s troubled commercial property sector last year

Posted at 09:15h in Asia

The bank’s debt in the country’s commercial real estate sector has come down to 7.7 per cent of total lending, just over half what it was two years ago, and is expected to continue downwards. Yet BEA still made significant provisions for bad loans.“We continued...

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19 Feb GBA@5: HSBC, Bank of East Asia among Hong Kong lenders cranking up Qianhai presence with eye on growth opportunities

Posted at 00:30h in Asia

“HSBC has been actively participating in Qianhai’s financial pilot schemes since the beginning, and we were one of the first banks to participate in yuan cross-border lending and the Wealth Management Connect scheme,” Chan told the Post. The scheme, tailor-made for the bay area, allows...

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17 Feb GBA@5: how Hong Kong has become the investment and insurance hub of Greater Bay Area

Posted at 03:30h in Asia

Developments like these have enticed high-net-worth individuals from the mainland to use Hong Kong as a base to manage their investments and diversify their portfolio.“I am very impressed by the thoughtful and excellent quality of service provided by financial advisers in Hong Kong,” said a...

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31 Jan Hong Kong’s banks report bumper profits in 2023 as record interest rates swell margins

Posted at 07:39h in Asia

Hong Kong’s banks reported their second straight year of bumper profits, as higher funding costs bloated their net interest margins, while a general recovery in post-pandemic business activity increased the demand for loans.Pre-tax profit among the city’s retail banks increased by 62.1 per cent in...

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12 Jan Bank of East Asia targets wealth management and fintech in Greater Bay Area from newly opened Qianhai tower

Posted at 12:00h in Asia

Bank of East Asia (BEA), Hong Kong’s oldest family-run bank, on Friday officially opened its 18-storey BEA Tower in the Qianhai special economic zone in Shenzhen, as part of its push in the Greater Bay Area targeting wealth management and fintech.“The official...

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02 Jan Wealth Management Connect: HSBC, Standard Chartered among top banks eyeing Greater Bay Area sales boost with roll-out of enhancements to cross-border investment scheme

Posted at 00:30h in Asia

The soon-to-be-launched enhancements to the cross-border Wealth Management Connect scheme are set to boost sales and capital flows between Hong Kong, Macau and the nine mainland Chinese cities in the Greater Bay Area development zone, Hong Kong’s biggest banks said.The People’s Bank of China’s...

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