GE considering future of its 33 pc stake in Bank of Ayudhya: sources

General Electric has hired Morgan Stanley to review its 33 per cent stake in Thailand’s Bank of Ayudhya, which could potentially lead to a sale by the US conglomerate of its near US$2.2 billion holding, sources familiar with the matter said.

Monday, 17 September, 2012, 2:51pm

Rising rents see banks reluctant to offer safe deposit boxes

Illustration: Lau Ka-kuen

People looking to securely store their favourite family heirloom or marriage certificate are finding it increasingly hard to rent safe deposit boxes in the city as the rising cost of real estate makes banks reluctant to expand the service.

A banker, who declined to be named, said banks did not want to install more safe deposit boxes as it was not a profitable business.

17 Sep 2012 - 2:15am

Competition for 'star analyst' status could be losing its lustre

Mainland securities houses lobby their clients to vote for their analysts to be among the "best analysts in China".

Here is a story that many analysts on the mainland probably won't tell you. It's the story behind the story of how analysts actually become known as "stars".

9 Nov 2012 - 8:07pm

Banking on literature

Andrew Fung had dreams of being an academic and still finds great pleasure in the company of Shakespeare and Shelley. Photo: David Wong

By day, Hang Seng Bank director Andrew Fung Hau-chung lives the life of a high-flying financier. By night, the works of Shelley or Shakespeare are more likely to preoccupy him than currency cross rates or bond swaps.

The veteran banker, who now heads Hang Seng's investment, insurance and treasury operations, has seen many ups and downs in the city's banking industry.

17 Sep 2012 - 2:15am

HK banks told to remain alert to risks

John Tsang warns that although the overall economy in Hong Kong is stable, this could be affected by external factors. Photo: Bloomberg

Financial Secretary John Tsang Chun-wah has warned banks in the city that although they are relatively well positioned in terms of capital reserves, they need to remain alert to economic risks.

14 Sep 2012 - 3:19am

US whistle-blower Bradley Birkenfeld gets US$104m in UBS tax evasion case

Bradley Birkenfeld, the former UBS banker who went to prison after telling the United States Internal Revenue Service (IRS) how the bank helped thousands of Americans evade taxes, secured a whistle-blower award of US$104 million, the largest individual federal payout in US history.

13 Sep 2012 - 3:00am

Men with personal loans

A bus terminal in Wan Chai district, Hong Kong. Photo: George Chen/SCMP

If you work and live in Hong Kong, I’m pretty sure many of you must have received dozens of cold calls from commercial banks like HSBC and Standard Chartered already this year.

For what? They want to offer you personal loans. In some cases, you can get even more than one million Hong Kong dollars.

23 Oct 2012 - 3:31pm

Big-sounding job titles in HK can cause confusion and embarrassment

Job titles for certain financial professionals are becoming the butt of jokes around Central, Hong Kong’s answer to Wall Street.

It seems like five out of 10 investment bankers and private equity dealmakers you bump into these days in Central are vice-presidents.

23 Oct 2012 - 4:03pm 1 comment

Asset worries see Minsheng Bank take a tumble

The price of China Minsheng Bank shares fell yesterday on news that two brokerage houses had downgraded its ratings over concerns of deteriorating asset quality and narrowing profits due to a regulatory change.

6 Sep 2012 - 4:03am

Regulator to set up e-billing next year

Peter Pang (centre) says the new payment platform will be secure and provides customers with a choice. Photo: Edward Wong

The Hong Kong Monetary Authority will spend HK$17 million to establish an electronic-bill payment system in the city in the second half of next year.

The authority also is studying an electronic cheques transfer system and a more advanced mobile-phone payment platform that could be introduced in 2014. Costs of implementing the two alternatives are still being worked out.

5 Sep 2012 - 1:37am

China Construction Bank faces squeeze on non-interest income

Zhang Jianguo, the president of China Construction Bank, says it hopes to maintain market share amid the profit squeeze. Photo: Nora Tam

China Construction Bank says it is unrealistic to achieve double-digit growth in non-interest income in the current half year because its ability to charge fees may continue to be affected by regulatory clampdowns.

28 Aug 2012 - 3:38am

Sharp may get new help from creditors: media

A man looks at Sharp Corp's Aquos TVs in a Tokyo shop in this August 8, 2012 file photograph. REUTERS/Yuriko Nakao

Sharp Corp’s main creditors Mizuho Corporate Bank and Mitsubishi UFJ Financial Group are considering extending about 200 billion yen (US$2.52 billion) in new loans to the struggling TV maker, Japanese media reported, sending its shares higher on Thursday.

23 Aug 2012 - 3:52pm

Business is up but profit tumbles at Chong Hing

Chong Hing Bank, one of the few remaining family-run lenders in Hong Kong, said yesterday that business had improved in the first half but profit had slumped due to the absence of several one-time gains that bolstered earnings last year.

Net profit dropped 36.6 per cent to HK$260 million compared with year-earlier period.

15 Aug 2012 - 11:16pm

Loans system revamp boosted amid lack of trust

The central government's plan to expand a planned revamp of the national financial loans system is a reflection of authorities seeking to combat rising moral degradation.

Analysts say the move also suggests that the government recognises that the public is becoming increasingly distrustful amid widespread corruption, negligence of duty and other malpractice among officials.

31 Jul 2012 - 12:00am

Let's give bad bankers a venue to admit their sins

Anyone who has typed the dots and dashes of an SOS distress call will appreciate the similarities to the present global race to cross the t's and dot the i's as we focus on the emergency response to the Libor rate-setting scandal.

25 Jul 2012 - 12:00am