banks Tag

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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26 Feb Greater Bay Area: HSBC, Standard Chartered increase Wealth Management Connect products amid drive to promote cross-border investment

Posted at 07:59h in Asia

Launched in 2021, the mechanism allows residents of Hong Kong, Macau and nine cities in Guangdong province to invest directly in designated wealth management products across borders.New rules took effect on February 26 raising the individual investment quota from 1 million yuan (US$138,923) to 3...

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23 Feb Standard Chartered 2023 profit jumps 18%, beating market estimates

Posted at 04:56h in Asia

Standard Chartered, one of Hong Kong’s three currency-issuing banks, reported an 18 per cent jump in profit, beating street estimates due to higher interest margins, while impairment charges on account of its exposure to the China property market weighed.The emerging-markets focused lender made a net...

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11 Feb Year of the Dragon: most popular of the Chinese zodiac signs dominates corporate lai see packets again

Posted at 06:30h in Asia

“This is because the dragon is the most popular zodiac animal of them all. Everybody likes dragons, so the companies want to deliver dragon-designed lai see packets to their customers.”It is Chinese tradition for married couples to hand out lai see, or blessing money,...

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06 Feb Hong Kong savings safety net to expand by 60% to protect US$102,270 in event of bank failures

Posted at 07:34h in Asia

Hongkongers will soon enjoy protection for up to HK$800,000 (US$102,270) of bank deposits, up from the current HK$500,000, as a government body has decided to move ahead with expanding the safety net that guards citizens savings in the event of a bank failure.The Hong Kong...

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05 Feb Banks prepare for new rules allowing Hong Kong, Macau homebuyers to bypass daily remittance cap when buying property in Greater Bay Area

Posted at 12:30h in Asia

Staff at Hong Kong and mainland banks have been briefed on the new payment remittance rules that were issued by the People’s Bank of China (PBOC) last month, Yue said.“Banks will also need to inform their clients about the new arrangements, which will make it...

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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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01 Jan Hong Kong CEOs plan to tap wealth management, ESG opportunities in Greater Bay Area in 2024, survey finds

Posted at 02:00h in Asia

For New York-based investment bank Citi, Hong Kong and the rest of the bay area will be a key area of focus, according to Aveline San, CEO for Hong Kong and Macau.“Citi’s global network is increasingly relevant to the fast-growing mid-size companies in the Greater...

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