The Hong Kong Association of Banks (HKAB) is to promote communication with the banking associations in the mainland as part of its long-term restructuring plan.
Peter Wong Tung-sing, chairman of HKAB, said: 'We are currently looking into a number of options including promoting effective communication among banking associations, especially those in the mainland.'
The expansion of the HKAB's role is deemed necessary especially after the de-regulation of interest rates takes place in July 3.
Deregulation will mean that the banking association will lose its main role of setting benchmark interest rates in Hong Kong for the 155 fully-licensed member banks.
After July 3, all the banks operating in the SAR will set their own interest rates.
As the options for the new-look HKAB were not 'definitive', the association could not comment further on the its plans.
But reaching out to the mainland banking associations was one of the key areas that was identified by a report submitted by KPMG early last week. KPMG drafted a proposal outlining how the association might reform its functions and structure following interest-rate deregulation.