Hong Kong employees at Asian banks expecting strong bonus season

The Hong Kong staff at Western banks may get a smaller bonus.

Many Hong Kong-based employees of Asian financial companies, including mainland banks and securities firms that have expanded their offshore business in the city in recent years, may enjoy a better bonus season this year than their peers at Western banks.

Wednesday, 8 January, 2014, 9:43am

Stronger yuan a boost for Hong Kong banks

Hang Seng Bank's Andrew Fung says Hong Kong is naturally well positioned as an offshore yuan trading centre. Photo: David Wong

The recent strengthening of the yuan against the US dollar might mean we have to shell out more for "Made in China" labels, but it is good news for local banks and depositors with yuan on hand.

The currency reached its highest level against the US dollar in 19 years on Thursday, on the back of rising usage worldwide.

29 Apr 2013 - 4:11am

Rich Russians flock to Cyprus to salvage their investments

Russians with money in Cypriot banks are worried. Photo: EPA

They clustered in small groups on the plush couches dotted around the lounge of the Four Seasons hotel in the port city of Limassol. Nervous whispers and furtive glances revealed these were no ordinary tourists revelling in the sun on the Mediterranean island of Cyprus.

24 Mar 2013 - 9:16am

Who will rescue Cypriot banks - the EU or Russia?

The Cyprus cabinet was meeting in crisis session today to approve a 'Plan B' bailout deal with the EU and IMF, as crowds gathered outside parliament expecting the measure to be put to a vote. Photo: AFP

What started off as a botched rescue of the banking system in Cyprus has morphed into geopolitical brinkmanship between Russia and the European Union. It now looks like a fight over who will bail out the oligarchs and other rich depositors from Russia who put their money in high-interest-paying offshore accounts in Cypriot banks, which face collapse.

22 Mar 2013 - 4:00am

Stock Watch: Hang Seng Bank

Hang Seng Bank is priced at more than twice its peers but still compares favourably.Photo: Bloomberg

Bank stocks can certainly be a great investment. Banks, in normal times, are reliable profit spinners. Left-wingers and related Occupiers may complain about banks' corrosive impact on society and economies, but investors usually take the view that if you can't beat them, join them. Buy the bank stocks and share in their windfall.

12 Nov 2012 - 2:31am

Anita Fung: The HSBC chief executive who broke through the glass ceiling


When Anita Fung Yuen-mei became HSBC's first female CEO for Hong Kong in September last year, she inherited a hot seat.

The lender had just announced 3,000 job cuts in Hong Kong and the pressure was on to ramp-up the bank's presence in China.

9 Oct 2013 - 10:25am 1 comment

China Merchants rises in earnings and bad loans

China Merchants Bank said net profit rose 25.68 per cent on the back of better fee income and loan business. Photo: Bloomberg

China Merchants Bank, the country's sixth-largest lender by market capitalisation, said bad loans rose for the second consecutive quarter as credit quality in the Yangtze River and Pearl River Delta regions deteriorated.

18 Aug 2012 - 3:10am

Wells Fargo takes shelter in Asia with bigger team

Wells Fargo, the largest bank by market capitalisation in the United States, aims to grow its revenue at a double-digit pace annually over the next three years in China, despite increasing concerns about the country's slowing economy.

15 Aug 2012 - 11:05pm

HSBC earnings likely to be hit by euro-zone woes

HSBC, Europe's biggest bank by assets, is scheduled to report its first-half earnings on Monday amid growing trouble in the euro zone that may affect its profits and force it to build a stronger capital base.

28 Jul 2012 - 12:00am

Investor's HK$80m claim is thrown out

A daughter of a late Hong Kong Exchanges & Clearing chairman yesterday lost her HK$80 million claim against HSBC over complex high-risk financial products she says she was misled into buying.

22 Jun 2012 - 12:00am

Lai See

Whiff of double standards in government's take on air quality

14 Jun 2012 - 12:00am

Lawmakers deny HK$28m report was waste of money

The Legislative Council report on the Lehman Brothers fiasco cost taxpayers HK$28 million - the most expensive Legco investigation ever.

Lawmakers denied claims that they had wasted public money, but while some admitted the inquiry could have been more cost-effective, the chairman said it could have cost an extra HK$16 million.

8 Jun 2012 - 12:00am

High-end hiring gets pricier

At a time when Asia is experiencing a rapidly expanding tribe of wealthy clients, the tough new capital and liquidity rules the banking industry faces are coinciding with the rising cost of operating a wealth management business, including hiring relationship managers.

26 May 2012 - 12:00am

HSBC to hive off more non-core assets

HSBC said it was in talks to sell its operations in Colombia, Peru, Uruguay and Paraguay, part of the bank's strategy to streamline operations and dispose of non-core assets under the leadership of chief executive Stuart Gulliver.

11 May 2012 - 12:00am

Credit Suisse eyes business heirs in region

Credit Suisse is targeting the second generation of successful entrepreneurs on the mainland for its private-banking business in Asia, where the number of millionaires is rising faster than in the rest of the world.

10 May 2012 - 12:00am