HSBC said it will scrap the below-balance fees from August 1. Photo: Bloomberg

HSBC’s scrapping of minimum balance fee for Hong Kong clients may prompt rivals to follow as they brace for competition with virtual banks

  • Other major banks are likely to follow suit, say analysts, as they get ready to fend off competition from eight virtual banks due to launch this year
  • Monthly charge of HK$50 for small depositors with balance below HK$5,000 (US$640), has long been viewed as penalty on some of bank’s most loyal customers
Topic |   Banking & Finance

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HSBC said it will scrap the below-balance fees from August 1. Photo: Bloomberg
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