A regulatory directive that banks in Hong Kong fund the loans they make with deposits of longer tenure has spurred the lenders to begin their annual battle for deposits earlier this year.Saturday, 15 March, 2014, 5:05am
The mainland's bricks-and-mortar banks are launching a counterattack against the assault on their business from Alibaba and other internet heavyweights, in an attempt to staunch the outflow of bank deposits into high-yielding online investment products.25 Feb 2014 - 12:57am
Big savers in Cyprus' largest bank face losses of up to 60 per cent, far greater than originally feared under the island's controversial European Union-led bailout plan, officials said.31 Mar 2013 - 6:22am
The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests and would end anxiety, but he also announced “very temporary” capital controls to stem a run on the island’s banks.26 Mar 2013 - 5:48am
EU and IMF officials struck a last-minute deal with Cyprus early Monday to resurrect a bailout for the island - but one banking chain goes to the wall and major clients, who include many Russians, will take a giant hit.26 Mar 2013 - 1:21am 2 comments
It can have surprised no one that members of the Cypriot parliament voted unanimously against plans to slap a tax on the islanders' bank deposits.21 Mar 2013 - 5:20am 4 comments
Hong Kong stocks had their largest fall in more than a month yesterday, led by HSBC, as plans by Cyprus to levy an unexpected tax on bank deposits triggered fresh worries over financial stability in Europe and panic selling across the board.19 Mar 2013 - 5:24am
Anyone who thought financial markets had broken out of the risk-on, risk-off cycle that has dominated trading for the last couple of years surely changed their mind yesterday.
In Hong Kong the benchmark Hang Seng stock index tumbled 2 per cent as investors reacted to the proposed bail-out deal for Cyprus by rushing to take their money off the table.19 Mar 2013 - 4:16am 3 comments
President Nicos Anastasiades will on Monday attempt to persuade Cypriot lawmakers to back an EU bailout deal that slaps a levy on bank savings, amid fears of a run on accounts if he fails.
Anastasiades, in an address to the shell-shocked nation on Sunday night, said that rejecting the EU demands would have seen Cyprus exit the eurozone and face bankruptcy.18 Mar 2013 - 5:06pm
Cyprus government agreed to a €10 billion (HK$101 billion) bailout that includes an unprecedented levy on all bank deposits. The debt rescue package, agreed with the euro zone and International Monetary Fund earlier in the day in Brussels, is significantly less than the €17 billion Cyprus had initially sought.18 Mar 2013 - 9:48am