Hong Kong treats top bankers to banquet, cultural show to launch Global Financial Leaders’ Investment Summit
- The Hong Kong Monetary Authority hosted 300 global bankers at the Palace Museum to a four-course meal and cultural performance
- CEOs and chairmen from 90 firms, including Morgan Stanley, Standard Chartered, Citigroup, Blackstone, UBS and JPMorgan, have flown in for the summit
Heavyweights from the world’s largest banks and financial institutions, who have descended on Hong Kong for a summit organised by the city’s monetary authority, were welcomed with a banquet at the Palace Museum on Monday evening.
Henry Tang Ying-yen, the West Kowloon Cultural District Authority chairman and financial secretary from 2003 to 2007, spoke at the welcome dinner, while HKMA CEO Eddie Yue Wai-man welcomed the guests in his address. The museum is holding a number of exhibitions, including works by Botticelli, Van Gogh and treasures from the Sanxingdui archeological site in Sichuan province.
“Art is not just art,” Tang said. “It is not just a visual culture. Art is actually finance. Private banking, wealth management today is a huge business, and it is very balance sheet efficient. I know many banks are looking to Hong Kong as their platform for wealth management and asset management, and we are an ideal platform.”
At the welcome dinner, guests enjoyed a four-course modern Chinese banquet meal. The entrees were char siu-style pastrami salad rolls and doubled boiled chicken soup. The choice of mains included five-spice yellow chicken and pan-seared seabass.
The wines served at the banquet was sponsored by Tang, an avid wine collector, who abolished tax on it during his tenure as financial secretary.
Starting with a Krug Grande Cuvee non-vintage champagne, the wines began with 2015 Saviennieres Fides by Eric Morgat from the Loire Valley, followed by a 1995 Bordeaux by Ch. Rauzan-Segla, and finished with a 2012 Nuits-St Georges Aux Argillas Premier Cru from the Burgundy region.
“I hope you will enjoy the wines because otherwise I will drink them myself. Excellent champagne, please start with that,” Tang said.
The emphasis of this year’s summit is “Living with Complexity”, as the world moves on from last year’s theme of “Navigating Beyond Uncertainty”, Yue said in a recent interview with the Post.
How HKMA has evolved with innovations in fintech, green finance over 3 decades
Market trends, including the development of fintech and opportunities for traditional banks to tap digital innovations, are expected to be among the main talking points at the conference.
The bankers’ summit and the BIS meeting are part of Hong Kong’s efforts to show the world that the city is back to normal after three years of disruptions caused by the pandemic.
A special fireside chat has been organised on Tuesday to wrap up the first day of the bankers’ summit.
The government has yet to confirm whether the Global Financial Leaders Summit will be held again next year, as it may be reserved for only special occasions, rather than being an annual event.
Additional reporting by Jiaxing Li and Enoch Yiu