Tourists, businessmen and overseas Chinese nationals were among the first non-residents to open yuan deposit accounts with Hong Kong banks this week.Wednesday, 15 August, 2012, 11:05pm
Banks operating in the more exciting parts of the world have always faced big risks.
Just consider the old British Bank of the Middle East (BBME). On January 20, 1976, during a lull in Lebanon's bitter civil war, a military unit surrounded the BBME's Bab Idriss branch in Beirut, favourite depository of the city's wealthy elite.31 Jul 2012 - 12:00am
To its many Hong Kong shareholders and customers HSBC remains their bank and a pillar of society, even if its identity has now been globalised. They would have been dismayed, therefore, with the blemished image that emerged from Washington last week. The US has not been a happy hunting ground for HSBC, after a disastrous venture into subprime consumer loans. Now, the hunter is the hunted.23 Jul 2012 - 12:00am
A former top executive of HSBC who told a United States senate hearing of his 'pain and embarrassment'' at the bank becoming a money-laundering conduit for drug cartels, rogue states and terrorist groups was born in Hong Kong and worked for the bank in the city for nearly 20 years.22 Jul 2012 - 12:00am
A mainland businessman and his wife are suing HSBC's Swiss private banking unit after losing more than US$5 million on high-risk investment products.24 May 2012 - 12:00am
HSBC will indefinitely postpone a review on the relocation of its headquarters because of regulatory uncertainties, chief executive Stuart Gulliver said yesterday at an informal shareholders' meeting in Hong Kong.22 May 2012 - 12:00am
Enormous distress has been caused throughout history by unbacked currencies and the massive inflation that follows.29 Apr 2012 - 12:00am
Investor confidence has rebounded since December, according to JP Morgan Asset Management's quarterly survey on investor sentiment.
The JP Morgan Investor Confidence Index, designed to demonstrate local investor sentiment towards the Hong Kong market over the next six months, went up from 105 in December to 118 last month.17 Apr 2012 - 12:00am
HSBC is offering free business information and tips to small and medium-sized enterprises worldwide in a bid to draw more loan applications ahead of an expected slowdown in commercial loan growth this year.14 Apr 2012 - 12:00am
Hang Seng Bank plans to grow its wealth management business in Hong Kong by about 50 per cent in the next three years as it sets its sights on attracting rich clients from the mainland.23 Mar 2012 - 12:00am
Credit rating agency Fitch has revised its view of Hongkong Bank to 'negative' from 'stable' yesterday, but retained the bank's long-term default rating.
This comes a day after Fitch revised its view of the bank's parent HSBC to 'negative'.3 Mar 2012 - 12:00am
HSBC says the worst is nearly over for the bank's operations in Hong Kong, as its restructuring plans in the city are to be wrapped up by the end of the second quarter.28 Feb 2012 - 12:00am
Mergers and acquisitions, the big business of the story of the 1990s, look to be picking up again. In the news are the Glencore-Xstrata merger in the energy sector and talk of a bid by UPS to buy TNT Express.
Indications are that the Asia-Pacific not only bucked the global M&A downturn last year but is poised to furnish an impressive number of deals this year.27 Feb 2012 - 12:00am
About 100 HSBC workers were fired yesterday in what is believed to be the latest round of sackings that could see up to 3,000 jobs disappear.
Many were from the information technology and private banking units and included staff at the managerial and frontline levels.10 Feb 2012 - 12:00am
HSBC staff with knowledge of yuan trading could escape the bank's massive lay-off plan as the lender moves to make London a hub for the currency.9 Feb 2012 - 12:00am