Ping An Bank eyes 60 hirings in Hong Kong push
Ping An Bank, a unit of the mainland's insurance giant Ping An Insurance (Group), is looking to set up a subsidiary in Hong Kong by hiring up to 60 people, as part of the group's expansion plan to become China's HSBC.
Ping An Bank, a unit of the mainland's insurance giant Ping An Insurance (Group), is looking to set up a subsidiary in Hong Kong by hiring up to 60 people, as part of the group's expansion plan to become China's HSBC.
The Shenzhen-listed bank has applied for a licence with the China Banking Regulatory Commission before approaching the Hong Kong Monetary Authority, according to Alpha Lau, the bank's acting representative in Hong Kong.
The hiring of Lau in 2012 was the first step to clear out the necessary documentation and get the approval from regulators since buying well-established banks, such as Bank of East Asia and Dah Sing Financial Group, is "too expensive" for Ping An.
"Conducting a costly acquisition of a local lender in Hong Kong doesn't fit in our overall strategy and culture," said Lau. He said Ping An had studied that option before expanding into Hong Kong.
Ping An Insurance, controlled by Peter Ma Mingzhe, bought Shenzhen Development Bank in 2009.
Lau expects the new platform in Hong Kong to kick off by June 2016. "We can provide club loans, syndicated loans and debt financing for mainland enterprises seeking overseas expansion," he said.