https://www.scmp.com/rss/32330/feed Founded in 1918, Bank of East Asia is the largest independent local bank and third largest bank in Hong Kong. It was co-founded in 1918 by Li Koon-chun, grandfather of David Li Kwok-po, who has been its chief executive since 1981. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com SCMP SCMP Acrimony set aside at Tower festivities By Goeffrey Crothall This article was first published on May 18, 1990 Leaders of politics, finance and commerce from Hongkong and China converged on No 1 Garden Road last night to celebrate the official opening of the territory’s tallest building, the Bank of China Tower. The acrimony and terse exchanges of recent weeks were seemingly forgotten as smiles and handshakes abounded. Even the Chief Secretary, Sir David Ford, managed a smile as he was pushed... https://www.scmp.com/news/hong-kong/society/article/3353584/hong-kongs-iconic-bank-china-tower-opens-1990-scmp-archive?utm_source=rss_feed https://www.scmp.com/news/hong-kong/society/article/3353584/hong-kongs-iconic-bank-china-tower-opens-1990-scmp-archive?utm_source=rss_feed Sun, 17 May 2026 03:15:04 +0000 Yulu Ao Yulu Ao Investor frustration is growing with Hong Kong’s technology index, as the benchmark’s prolonged slide contrasts sharply with the soaring share prices of several Chinese AI firms that recently went public in the city. The Hang Seng Tech Index – a gauge of Hong Kong-listed tech companies that was once seen as China’s answer to the Nasdaq – has come under pressure in recent months, and the index’s poor performance has drawn even more scrutiny amid the wider surge in Chinese artificial intelligence... https://www.scmp.com/business/china-business/article/3352477/why-hong-kongs-tech-index-failing-ride-chinese-ai-stock-boom?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3352477/why-hong-kongs-tech-index-failing-ride-chinese-ai-stock-boom?utm_source=rss_feed Tue, 05 May 2026 22:00:05 +0000 Enoch Yiu Enoch Yiu Gold bars, cruises, Dior beauty services and Rosewood Hong Kong vouchers are just some of the incentives Hong Kong’s major lenders are offering in hopes of capturing wealthy clients, as visitors from mainland China descend on the city during the golden week holiday starting on Friday. HSBC, Standard Chartered and Bank of China (Hong Kong) – the city’s three biggest banks – Citigroup, DBS Hong Kong, ICBC Asia, Bank of East Asia and Hang Seng Bank have all extended the hours of certain branches on... https://www.scmp.com/business/banking-finance/article/3352097/gold-cruises-and-dior-how-hong-kong-lenders-are-enticing-wealthy-mainland-china-visitors?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3352097/gold-cruises-and-dior-how-hong-kong-lenders-are-enticing-wealthy-mainland-china-visitors?utm_source=rss_feed Fri, 01 May 2026 05:30:07 +0000 Edith Lin,Lo Hoi-ying Edith Lin,Lo Hoi-ying Hong Kong police have arrested a 51-year-old man on suspicion of robbing HK$35,000 (US$4,469) from a bank with an air gun and a hammer before escaping on a bicycle, with officers apprehending him and recovering the money in 90 minutes. The force received a report at 12.26pm on Friday that the Bank of East Asia branch in Harbour View Centre in Wan Chai had been robbed. Lam Kin-tat, assistant commander of crime of Wan Chai district, said the suspect claimed to be unemployed and was a Chinese man... https://www.scmp.com/news/hong-kong/law-and-crime/article/3349618/hong-kong-police-hunt-man-who-robbed-bank-wan-chai?utm_source=rss_feed https://www.scmp.com/news/hong-kong/law-and-crime/article/3349618/hong-kong-police-hunt-man-who-robbed-bank-wan-chai?utm_source=rss_feed Fri, 10 Apr 2026 06:00:32 +0000 Cao Li Cao Li The value of collateral assets used by banks for commercial property loans is expected to continue declining in 2026, according to S&P Global Ratings, as the sector has yet to find a clear bottom. “More collateral pain is likely this year for Hong Kong banks,” the credit rating agency said in a report published on Thursday, adding that a subset of small banks could face more acute strain. That assessment comes as Hong Kong’s commercial property market remains on a sustained downturn that started... https://www.scmp.com/business/banking-finance/article/3344761/hong-kong-banks-collateral-asset-valuations-continue-declining-2026-sp?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344761/hong-kong-banks-collateral-asset-valuations-continue-declining-2026-sp?utm_source=rss_feed Thu, 26 Feb 2026 12:18:04 +0000 Cao Li Cao Li China’s commercial real estate stress will force some Hong Kong banks with significant exposure to the sector to set aside additional reserves for potentially higher non-performing loans, which could weigh on their second-half 2025 earnings, according to Citi. In a report on Tuesday, Citi Research said Bank of China (Hong Kong) (BOCHK), the Hong Kong subsidiary of state-owned Bank of China, and Bank of East Asia (BEA) had the highest exposure to China’s commercial real estate, which is under... https://www.scmp.com/business/banking-finance/article/3343080/chinas-property-woes-likely-hurt-some-hong-kong-banks-2025-earnings-citi?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343080/chinas-property-woes-likely-hurt-some-hong-kong-banks-2025-earnings-citi?utm_source=rss_feed Tue, 10 Feb 2026 11:28:24 +0000 Enoch Yiu Enoch Yiu Hong Kong banks may not cut their prime rates this year, but local interbank rates will still follow US rates lower, benefiting a majority of borrowers, according to a senior executive of the Hong Kong Monetary Authority (HKMA). Analysts widely expect the US Federal Reserve to cut its key rate by three-quarters of a point this year, but Hong Kong commercial banks are unlikely to cut their prime lending rates more than they already have. “It would be hard for banks to cut their prime rate any... https://www.scmp.com/business/banking-finance/article/3341150/how-lower-us-interest-rates-will-help-hongkongers-even-if-local-prime-rates-dont-drop?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3341150/how-lower-us-interest-rates-will-help-hongkongers-even-if-local-prime-rates-dont-drop?utm_source=rss_feed Mon, 26 Jan 2026 03:30:14 +0000 Peggy Ye Peggy Ye Major financial institutions, including Citi and Bank of America, are increasingly optimistic about Hong Kong’s residential property market this year, as lower mortgage rates and strong leasing demand change buying behaviour. Citi raised its home price forecast to 8 per cent this year, up from 3 per cent in October, citing a faster-than-expected rebound last year. “[There will be] further acceleration in 2027 under a multi-year upcycle,” said Griffin Chan, an analyst at Citi Research, on Friday.... https://www.scmp.com/business/article/3339616/hong-kong-property-citi-lifts-forecast-after-morgan-stanleys-upgrade?utm_source=rss_feed https://www.scmp.com/business/article/3339616/hong-kong-property-citi-lifts-forecast-after-morgan-stanleys-upgrade?utm_source=rss_feed Mon, 12 Jan 2026 10:47:59 +0000 Enoch Yiu Enoch Yiu The US Federal Reserve under a new chairman in 2026 is expected to press ahead with interest rate cuts of up to 75 basis points, a move that would lower Hong Kong’s interbank-linked loan costs but leave prime lending rates stuck at their historical low, according to analysts. The Fed and the Hong Kong Monetary Authority (HKMA) both reduced their key policy rates by a total of 75 basis points in 2025, following a full percentage-point rate cut in 2024. Hong Kong’s base rate now stands at 4 per... https://www.scmp.com/business/banking-finance/article/3337042/hong-kong-interbank-rates-forecast-drop-expected-us-monetary-easing-2026?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3337042/hong-kong-interbank-rates-forecast-drop-expected-us-monetary-easing-2026?utm_source=rss_feed Thu, 01 Jan 2026 23:00:09 +0000 Yulu Ao Yulu Ao Standard Chartered said Chinese equities are looking more compelling after a period of consolidation, with cheaper valuations and earnings growth expected to rebound in 2026 from a low base in 2025, as monetary policy eases, global growth holds up and artificial intelligence-related investment stays strong. “After a period of consolidation, valuations of Chinese equities have become more attractive, and earnings growth is expected to recover from a low base,” said Raymond Cheng, chief investment... https://www.scmp.com/business/china-business/article/3336792/standard-chartered-keeps-overweight-call-china-stocks-flags-earnings-recovery-2026?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3336792/standard-chartered-keeps-overweight-call-china-stocks-flags-earnings-recovery-2026?utm_source=rss_feed Wed, 17 Dec 2025 23:30:08 +0000 Aileen Chuang Aileen Chuang Hong Kong’s de facto central bank has begun facilitating real-value transactions using tokenised deposits and digital assets under a controlled pilot programme from Thursday, reinforcing the city’s status as a fintech hub. The new phase of the Project Ensemble sandbox would enable seven commercial banks and 13 industry participants to settle tokenised transactions “faster, more transparently and efficiently”, the Hong Kong Monetary Authority (HKMA) said in a press release on Thursday. The... https://www.scmp.com/business/banking-finance/article/3332625/hong-kong-moves-theory-practice-real-value-tokenised-money-asset-deals?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3332625/hong-kong-moves-theory-practice-real-value-tokenised-money-asset-deals?utm_source=rss_feed Thu, 13 Nov 2025 10:00:58 +0000 Daniel Ren Daniel Ren The Hong Kong Monetary Authority (HKMA) has picked the second batch of use cases for testing of generative artificial intelligence (GenAI), as it looks to further promote responsible technological innovation in the financial-services sector. A total of 20 banks and 14 technology partners would participate in the GenAI sandbox initiative, a project jointly conducted by the HKMA and Hong Kong Cyberport Management, according to a statement by the city’s de facto central bank. “The second cohort... https://www.scmp.com/business/china-business/article/3329156/hong-kong-monetary-authority-picks-second-batch-banks-tech-firms-test-ai-finance?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3329156/hong-kong-monetary-authority-picks-second-batch-banks-tech-firms-test-ai-finance?utm_source=rss_feed Wed, 15 Oct 2025 14:01:47 +0000 Enoch Yiu Enoch Yiu Prime views of the fireworks, a reception with Hong Kong actor Tony Leung Chiu-wai, lucky draws and investment seminars were some of the incentives Hong Kong banks were rolling out to attract wealthy mainland customers during the golden week holiday, which kicked off on Wednesday. Hong Kong authorities have estimated that as many as 1.54 million mainland visitors, including 1,200 tour groups, would cross the border during the eight-day “golden week” holiday, which coincides with China’s National... https://www.scmp.com/business/banking-finance/article/3327533/hong-kong-banks-woo-wealthy-mainland-golden-week-tourists-tony-leung-fireworks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3327533/hong-kong-banks-woo-wealthy-mainland-golden-week-tourists-tony-leung-fireworks?utm_source=rss_feed Thu, 02 Oct 2025 00:30:10 +0000 Enoch Yiu Enoch Yiu The 4.75 million members of Hong Kong’s Mandatory Provident Fund (MPF) could save up to HK$50 billion (US$6.4 billion) in fees over a 10-year period after its electronic platform’s full implementation next year, according to the city’s retirement schemes regulator. The Mandatory Provident Fund Schemes Authority (MPFA) revised its original estimate made a few years earlier of HK$30 billion to HK$40 billion in savings from fee reduction because the digital platform, called eMPF, worked better than... https://www.scmp.com/business/article/3323749/hong-kongs-empf-could-save-us65-billion-members-10-years-regulator-says?utm_source=rss_feed https://www.scmp.com/business/article/3323749/hong-kongs-empf-could-save-us65-billion-members-10-years-regulator-says?utm_source=rss_feed Sun, 31 Aug 2025 01:00:16 +0000 Enoch Yiu Enoch Yiu A “low-rate honeymoon” for Hong Kong borrowers has come to an end with an increase in the interest rate banks use to set loan prices, a mixed blessing that drives away carry traders but threatens a property market recovery and discourages corporate borrowing, according to analysts. The Hong Kong Monetary Authority intervened 12 times in the currency market over the past two months, successfully defending the local currency’s peg to the US dollar by buying HK$119.95 billion and selling US$15.28... https://www.scmp.com/business/banking-finance/article/3322822/hong-kongs-low-rate-honeymoon-ends-hkmas-dollar-peg-defence-raises-hibor?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3322822/hong-kongs-low-rate-honeymoon-ends-hkmas-dollar-peg-defence-raises-hibor?utm_source=rss_feed Sun, 24 Aug 2025 23:00:12 +0000 Enoch Yiu Enoch Yiu Bank of East Asia (BEA), Hong Kong’s largest family-owned lender, beat expectations with 14 per cent growth in its first-half net profit, as a robust wealth-management business offset an increase in bad debt from commercial real estate. The bank recorded HK$2.41 billion (US$309 million) in net profit for the six months to June, or 86 HK cents per share, compared with HK$2.11 billion a year earlier, according to a stock exchange filing on Thursday. Analysts had expected 11 per cent profit... https://www.scmp.com/business/companies/article/3322674/bank-east-asia-profits-rise-wealth-business-offsets-bad-property-loans-hong-kong?utm_source=rss_feed https://www.scmp.com/business/companies/article/3322674/bank-east-asia-profits-rise-wealth-business-offsets-bad-property-loans-hong-kong?utm_source=rss_feed Thu, 21 Aug 2025 10:00:15 +0000 Enoch Yiu Enoch Yiu China’s financial authorities have granted Hong Kong residents a new daily remittance quota for the yuan, as a cross-border electronic transactions service prepares to kick off, linking 315 million users between the city and the mainland. Starting from noon on Sunday, the 17 million registered users of Hong Kong’s Faster Payment System (FPS) will be able to remit up to HK$10,000 (US$1,282) per day for each bank account to 298 million users on the mainland’s Internet Banking Payment System (IBPS)... https://www.scmp.com/business/article/3315267/china-grants-hong-kong-new-yuan-quota-payment-connect-kicks-315-million-users?utm_source=rss_feed https://www.scmp.com/business/article/3315267/china-grants-hong-kong-new-yuan-quota-payment-connect-kicks-315-million-users?utm_source=rss_feed Fri, 20 Jun 2025 10:59:20 +0000 Zhang Shidong,Yulu Ao Zhang Shidong,Yulu Ao The pricing of Contemporary Amperex Technology’s (CATL) Hong Kong shares at the top end of the range bodes well for China’s leading companies eyeing a listing in the city, but the richly valued offer price may hurt the stock’s first-day performance due to its smaller-than-average discount to the company’s mainland-traded shares. The Ningde, Fujian province-based maker of lithium-ion batteries that power electric vehicles (EV) is expected to raise HK$35.66 billion (US$4.6 billion) from the sale... https://www.scmp.com/business/china-business/article/3310573/catls-dilemma-top-range-hong-kong-ipo-price-may-take-fizz-out-trading-debut?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3310573/catls-dilemma-top-range-hong-kong-ipo-price-may-take-fizz-out-trading-debut?utm_source=rss_feed Fri, 16 May 2025 04:30:08 +0000 Aileen Chuang Aileen Chuang Mainland China-listed firms are flocking to Hong Kong for new share offerings, driven by attractive valuations, strong liquidity and supportive policies, with Contemporary Amperex Technology’s (CATL) deal poised to be the biggest of the year. Shenzhen-listed CATL, the world’s largest producer of batteries for electric vehicles, is gauging investor interest for its estimated US$5 billion share float this week after receiving approval from the Hong Kong stock exchange’s listing committee on... https://www.scmp.com/business/markets/article/3309366/catl-open-floodgates-china-listed-firms-seeking-share-sales-hong-kong?utm_source=rss_feed https://www.scmp.com/business/markets/article/3309366/catl-open-floodgates-china-listed-firms-seeking-share-sales-hong-kong?utm_source=rss_feed Thu, 08 May 2025 00:30:08 +0000 Enoch Yiu Enoch Yiu Banks in Hong Kong are doing their best to lure new wealthy clients among mainland Chinese visitors to the city, offering tickets to Liverpool vs AC Milan football match and access to concerts by Taiwanese singer Jay Chou, in addition to cash rebates. They were among notable incentives rolled out by lenders including Standard Chartered, HSBC, Bank of China (Hong Kong), Citigroup and the Bank of East Asia during the golden week holiday, highlighting the stiff competition in selling investment... https://www.scmp.com/business/article/3308694/hong-kong-banks-offer-liverpool-jay-chou-tickets-and-rebates-win-new-wealthy-clients?utm_source=rss_feed https://www.scmp.com/business/article/3308694/hong-kong-banks-offer-liverpool-jay-chou-tickets-and-rebates-win-new-wealthy-clients?utm_source=rss_feed Thu, 01 May 2025 23:00:09 +0000 Cao Li Cao Li China Vanke sold nearly all of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers. By Saturday evening, 223 of the 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong, wholly owned by China Vanke, had been sold, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. The flats – ranging from 214 sq ft... https://www.scmp.com/business/banking-finance/article/3302511/china-vankes-le-mont-project-tai-po-selling-briskly-despite-mortgage-concerns?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3302511/china-vankes-le-mont-project-tai-po-selling-briskly-despite-mortgage-concerns?utm_source=rss_feed Sat, 15 Mar 2025 07:17:06 +0000 Enoch Yiu Enoch Yiu Beijing will allow Hong Kong and Macau-domiciled banks to launch a range of services on the mainland including credit cards next month, the latest in a series of steps to integrate the financial sectors of China and its two special administrative regions. The National Financial Regulatory Administration (NFRA), an agency under the State Council that oversees the financial sector, said on Thursday that it would lift restrictions that currently prohibit Hong Kong and Macau banks from offering any... https://www.scmp.com/business/banking-finance/article/3299493/beijing-allows-hong-kong-banks-issue-credit-cards-mainland-march-1?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3299493/beijing-allows-hong-kong-banks-issue-credit-cards-mainland-march-1?utm_source=rss_feed Thu, 20 Feb 2025 13:06:35 +0000 Enoch Yiu Enoch Yiu As Hong Kong’s workers return to their desks on Monday after a long holiday break, many large banks and financial firms are offering them millions of dollars in lai see, hampers, Asia Miles, lucky draws and other gifts to ring in the Year of the Snake. Companies have traditionally given staffers lai see packets on the first working day of the Lunar New Year as a token of their appreciation and a blessing for the year ahead. A Post poll of 10 lenders found that this year’s return-to-work lai see... https://www.scmp.com/business/article/3296682/year-snake-hong-kong-banks-offer-lai-see-hampers-asia-miles-returning-workers?utm_source=rss_feed https://www.scmp.com/business/article/3296682/year-snake-hong-kong-banks-offer-lai-see-hampers-asia-miles-returning-workers?utm_source=rss_feed Thu, 30 Jan 2025 05:00:08 +0000 Enoch Yiu Enoch Yiu Hong Kong lenders, intent on enticing visitors from mainland China to open new accounts during the Lunar New Year festive period, are offering a bevy of perks including cash rebates, lucky draws, afternoon tea vouchers, hotel stays and dinners overlooking the Lunar New Year fireworks or horse races. As the Year of the Snake begins, the government expects the city to welcome about 1.43 million mainlanders during the “golden week” holiday, spanning January 28 to February 4. To compete for new... https://www.scmp.com/business/banking-finance/article/3296603/year-snake-fireworks-cash-hong-kong-banks-vie-lure-mainland-visitors?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3296603/year-snake-fireworks-cash-hong-kong-banks-vie-lure-mainland-visitors?utm_source=rss_feed Wed, 29 Jan 2025 05:30:07 +0000 Enoch Yiu Enoch Yiu Some of the city’s eight digital banks are exploring setting up physical branches after the Hong Kong Monetary Authority (HKMA) cleared the way for them to do so in its continuing effort to aid such lenders’ development. WeLab Bank, ZA Bank, and Mox Bank are among those considering opening bricks-and-mortar branches, while Livi Bank has no plans to do so, the banks told the Post separately in response to inquiries. The HKMA issued eight virtual bank licences in 2019 to inject innovation and... https://www.scmp.com/business/banking-finance/article/3294326/hong-kongs-digital-banks-consider-physical-branches-after-hkma-rule-change?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3294326/hong-kongs-digital-banks-consider-physical-branches-after-hkma-rule-change?utm_source=rss_feed Sun, 12 Jan 2025 23:30:17 +0000 Enoch Yiu Enoch Yiu Hong Kong’s six biggest lenders lowered their prime lending rates for a third time this year, trimming borrowing costs to the lowest level in more than two years. HSBC and subsidiary Hang Seng Bank said they would trim their prime rate by 12.5 basis points to 5.25 per cent from Friday, the lowest since August 2022. Bank of China (Hong Kong) said it would cut its rate by the same level from Monday. Bank of East Asia, Standard Chartered and ICBC Asia, said they would reduce their prime rate by the... https://www.scmp.com/business/banking-finance/article/3291437/hong-kong-cuts-base-rate-quarter-point-475-us-fed-signals-fewer-cuts-2025?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3291437/hong-kong-cuts-base-rate-quarter-point-475-us-fed-signals-fewer-cuts-2025?utm_source=rss_feed Wed, 18 Dec 2024 23:31:02 +0000 Enoch Yiu Enoch Yiu Hong Kong’s de facto central bank has cut its base interest rate for the second time this year, lowering the cost of funding to help reboot businesses and reduce the burden on mortgage borrowers. The Hong Kong Monetary Authority (HKMA) cut the city’s base interest rate by a quarter percentage point to 5 per cent. Together with the half-percentage-point cut in September, Hong Kong’s key rate has fallen to a level last seen in February 2023. Hours earlier, the US Federal Reserve cut its key rate... https://www.scmp.com/business/banking-finance/article/3285662/hong-kongs-base-interest-rate-drops-5-cent-after-feds-quarter-point-cut?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3285662/hong-kongs-base-interest-rate-drops-5-cent-after-feds-quarter-point-cut?utm_source=rss_feed Thu, 07 Nov 2024 23:31:14 +0000 Enoch Yiu Enoch Yiu Nearly a dozen of Hong Kong’s banks have pledged to provide fair and quicker access to loans, as they heed the call by the city’s de facto central bank to cut red tape and provide funding help to small-and-medium enterprises (SMEs) and mortgage borrowers. Six of the biggest banks, with a combined 80-per cent share of the city’s mortgages, signed on to a pledge to approve all eligible applications within two weeks, said Arthur Yuen Kwok-hang, deputy chief executive of the Hong Kong Monetary... https://www.scmp.com/business/banking-finance/article/3275621/11-hong-kong-banks-pledge-quicker-credit-hkmas-task-force-help-small-businesses?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3275621/11-hong-kong-banks-pledge-quicker-credit-hkmas-task-force-help-small-businesses?utm_source=rss_feed Fri, 23 Aug 2024 07:24:11 +0000 Enoch Yiu Enoch Yiu Beast, the fintech collaboration platform of Bank of East Asia (BEA), will organise its first fintech day in October, as part of its efforts to develop a technology ecosystem in Hong Kong, according to a senior executive. The inaugural Beast fintech day will be held during Fintech Week from October 28 to November 1, bringing together start-ups, banking and technology firms and allowing them to exchange views via panel discussions at the BEA Tower in Kwun Tong. “As we celebrate the second... https://www.scmp.com/business/banking-finance/article/3274728/bea-unit-hold-fintech-day-october-promote-innovation-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3274728/bea-unit-hold-fintech-day-october-promote-innovation-hong-kong?utm_source=rss_feed Sun, 18 Aug 2024 04:30:15 +0000 Hong Kong and Shenzhen have begun to test cross-border information verification between the two cities, as they take early steps in enabling the exchange of business data across the Greater Bay Area (GBA), starting with the financial industry. The first phase of the pilot trial will focus on the cross-border verification of credit reports by credit reference agencies and commercial banks, according to a statement published on Monday by WeBank, the Shenzhen-based virtual lender providing the... https://www.scmp.com/tech/article/3261620/greater-bay-area-hong-kong-shenzhen-begin-cross-border-credit-checks-pilot-trial-data-transfer?utm_source=rss_feed https://www.scmp.com/tech/article/3261620/greater-bay-area-hong-kong-shenzhen-begin-cross-border-credit-checks-pilot-trial-data-transfer?utm_source=rss_feed Mon, 06 May 2024 13:00:16 +0000 Hong Kong’s three note-issuing banks – HSBC, Standard Chartered, and Bank of China (Hong Kong) – announced on Thursday that they will keep their lending and deposit rates unchanged after the city’s monetary authority followed suit with the US Federal Reserve in keeping interest rates at their current level. The status quo stance means businesses and mortgage borrowers will have to wait until at least later this year for interest-rate relief as the economy struggles to crawl out of a stubborn... https://www.scmp.com/business/article/3256174/hsbc-leaves-prime-lending-and-deposit-rates-unchanged-borrowers-eye-interest-relief-later-year?utm_source=rss_feed https://www.scmp.com/business/article/3256174/hsbc-leaves-prime-lending-and-deposit-rates-unchanged-borrowers-eye-interest-relief-later-year?utm_source=rss_feed Thu, 21 Mar 2024 04:21:52 +0000 As Hong Kong’s banks announced annual earnings results this week, the reports of robust profits landed. HSBC and its subsidiary Hang Seng Bank, the Bank of East Asia (BEA), and Standard Chartered all reported solid returns from 2023, with HSBC setting a record as net profit rose by 56 per cent to US$22.43 billion from a year earlier. Yet, at the same time, missed earnings targets were piling up. Perhaps analysts were too enthusiastic. Or perhaps they were pointing to difficulties on the horizon... https://www.scmp.com/comment/opinion/article/3253063/hsbc-commitment-asia-welcome-it-profits-region?utm_source=rss_feed https://www.scmp.com/comment/opinion/article/3253063/hsbc-commitment-asia-welcome-it-profits-region?utm_source=rss_feed Fri, 23 Feb 2024 22:15:20 +0000 Bank of East Asia, Hong Kong’s largest family-owned lender, said its non-performing loans ratio in mainland China dropped by 0.47 percentage points to 2.68 per cent at the end of 2023 compared with the first half, as its overall exposure to troubled Chinese property developers shrank. The bank’s debt in the country’s commercial real estate sector has come down to 7.7 per cent of total lending, just over half what it was two years ago, and is expected to continue downwards. Yet BEA still made... https://www.scmp.com/business/banking-finance/article/3252692/bank-east-asia-cut-its-exposure-chinas-troubled-commercial-property-sector-last-year?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3252692/bank-east-asia-cut-its-exposure-chinas-troubled-commercial-property-sector-last-year?utm_source=rss_feed Wed, 21 Feb 2024 09:15:19 +0000 Major Hong Kong lenders are eyeing expansion in the Greater Bay Area’s Qianhai special economic zone. Qianhai was created in 2009 next to Shenzhen and is only about an hour by car from Hong Kong city centre. Last February, policymakers in Beijing rolled out a package of 30 ­measures to connect Qianhai with Hong Kong’s capital market at a high level by 2025, and to build a financial system on par with ­international standards by 2035. HSBC, the biggest of Hong Kong’s three note-issuing banks,... https://www.scmp.com/business/banking-finance/article/3252160/gba5-hsbc-bank-east-asia-among-hong-kong-lenders-cranking-qianhai-presence-eye-growth-opportunities?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3252160/gba5-hsbc-bank-east-asia-among-hong-kong-lenders-cranking-qianhai-presence-eye-growth-opportunities?utm_source=rss_feed Mon, 19 Feb 2024 00:30:12 +0000 Fireworks dinners, lucky draws, high deposit rates, air tickets and donations to charities are among the major incentives Hong Kong banks are dangling to attract wealthy customers and depositors ahead of the Lunar New Year. HSBC, Bank of China (Hong Kong) (BOCHK), Standard Chartered, Bank of East Asia (BEA), OCBC and ICBC Asia have launched marketing campaigns to lock in new clients and entertain wealthy customers to kick off the Year of the Dragon, which starts on February 10. With hundreds of... https://www.scmp.com/business/banking-finance/article/3250760/year-dragon-hong-kong-banks-line-fireworks-dinners-lucky-draws-and-boost-deposit-rates-entice-new?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3250760/year-dragon-hong-kong-banks-line-fireworks-dinners-lucky-draws-and-boost-deposit-rates-entice-new?utm_source=rss_feed Sun, 04 Feb 2024 02:00:25 +0000 Bank of East Asia (BEA), Hong Kong’s oldest family-run bank, on Friday officially opened its 18-storey BEA Tower in the Qianhai special economic zone in Shenzhen, as part of its push in the Greater Bay Area targeting wealth management and fintech. “The official inauguration of BEA Tower represents a milestone for our business development in the region,” Adrian Li Man-kiu, BEA’s co-CEO, said at an inauguration ceremony for the tower located in the heart of Qianhai. “This building will serve as... https://www.scmp.com/business/banking-finance/article/3248233/bank-east-asia-targets-wealth-management-and-fintech-greater-bay-area-newly-opened-qianhai-tower?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3248233/bank-east-asia-targets-wealth-management-and-fintech-greater-bay-area-newly-opened-qianhai-tower?utm_source=rss_feed Fri, 12 Jan 2024 12:00:20 +0000 Bank of East Asia will change its corporate colour and slogan starting today, the first time in a decade that Hong Kong’s oldest family-run bank is refreshing its looks, as it sharpens its focus to serve wealthy customers in the city and on the mainland. The bank’s red-and-white logo – in use since 2002 – will change to a Solar colour scheme redolent of a dawning sky with a yellow-to-orange gradient. Its slogan exhorts customers to “Live every moment”, a more dynamic take after the global... https://www.scmp.com/business/banking-finance/article/3245083/bank-east-asia-refreshes-logos-colour-sunrise-hue-exhorts-customers-live-every-moment-it-taps-wealth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3245083/bank-east-asia-refreshes-logos-colour-sunrise-hue-exhorts-customers-live-every-moment-it-taps-wealth?utm_source=rss_feed Fri, 15 Dec 2023 00:00:12 +0000 China’s worsening property crisis is spilling over to financial institutions, forcing banks to increase bad-debt provisions arising from the sector. Bank of East Asia, Hong Kong’s largest family-owned lender, said its non-performing loans ratio in China rose by 0.4 percentage points to 3.15 per cent of its total lending in the first half. “The business environment of the group faced multiple headwinds and challenges, including troubled property developers amid the struggling real estate sector... https://www.scmp.com/business/banking-finance/article/3232197/bank-east-asia-china-construction-bank-earnings-marred-rise-bad-loans-mainlands-distressed-property?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3232197/bank-east-asia-china-construction-bank-earnings-marred-rise-bad-loans-mainlands-distressed-property?utm_source=rss_feed Fri, 25 Aug 2023 00:00:24 +0000 Investors will be keeping a close eye on interest income gains as rates continue to tick higher and any strains from a sluggish Chinese economic recovery as Hong Kong’s biggest banks, including HSBC and Standard Chartered, unveil their second-quarter report cards beginning this week. Standard Chartered will be the first of the city’s three currency-issuing banks to update investors on its first-quarter performance on Friday, followed by HSBC on August 1 and Bank of China (Hong Kong) later next... https://www.scmp.com/business/banking-finance/article/3228686/higher-interest-rates-drive-profits-hsbc-standard-chartered-prepare-report-second-quarter-results?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3228686/higher-interest-rates-drive-profits-hsbc-standard-chartered-prepare-report-second-quarter-results?utm_source=rss_feed Mon, 24 Jul 2023 06:00:19 +0000 Chinese tycoon Chen Hongtian is in discussions with lenders to retrieve assets worth HK$10 billion (US$1.27 billion) after a “short-term liquidity issue” forced him to miss mortgage payments. There are plans to inject fresh funds to resolve the “mild default” issue related to three properties, including a HK$2.1 billion house on The Peak, said the chairman of Cheung Kei Group, which owns offices, hotels and finance firms in Hong Kong. “We’re in talks with the banks about repayment arrangements... https://www.scmp.com/business/china-business/article/3219492/chinese-tycoon-chen-hongtian-talks-banks-resolve-mild-mortgage-defaults-hong-kong-property-worth?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3219492/chinese-tycoon-chen-hongtian-talks-banks-resolve-mild-mortgage-defaults-hong-kong-property-worth?utm_source=rss_feed Fri, 05 May 2023 09:45:08 +0000 Bank of East Asia (BEA) plans to set up its first branch in Hainan province, as officials in China’s largest free-trade hub court foreign investment in the financial sector. The Hong Kong-based bank’s foray into Hainan follows HSBC, which opened its first branch in the provincial capital Haikou in December 2021. The bank’s operations in Hainan are expected to reach at least a few billion yuan in the first few years of operation, Ronald Ho, deputy CEO of Bank of East Asia (China), said in an... https://www.scmp.com/business/banking-finance/article/3216923/bank-east-asia-aims-join-hsbc-opening-branch-hainan-chinas-free-trade-hub-seeks-overseas-investment?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3216923/bank-east-asia-aims-join-hsbc-opening-branch-hainan-chinas-free-trade-hub-seeks-overseas-investment?utm_source=rss_feed Thu, 13 Apr 2023 09:40:09 +0000 Chinese tycoon Chen Hongtian’s company has blamed a “short-term cash-flow disruption” after three of his properties in Hong Kong, including a house on The Peak that he bought for HK$2.1 billion (US$268 million) in 2016, were taken over by creditors. “I hope that the public will further understand the correct information,” Chen told the Post on Friday, breaking his silence over the seizure of three of his assets in the city. “Chen Hongtian’s three core properties in Hong Kong are worth about... https://www.scmp.com/business/article/3215608/tycoon-chen-hongtian-blames-short-term-cash-flow-disruption-seizure-hong-kong-properties-including?utm_source=rss_feed https://www.scmp.com/business/article/3215608/tycoon-chen-hongtian-blames-short-term-cash-flow-disruption-seizure-hong-kong-properties-including?utm_source=rss_feed Fri, 31 Mar 2023 12:15:10 +0000 Chen Hongtian, a low-profile mainland Chinese tycoon, who was the talk of the town in Hong Kong for purchasing a house on The Peak for a record price almost seven years ago, has had at least three of his assets worth a total of about HK$7 billion (US$891.7 million) at time of purchase seized by lenders. The house, a 9,212 sq ft property at 15 Gough Hill Road, was seized this month by receivers appointed by Bank of East Asia (BEA), according to government records. Chen bought it through Lambda... https://www.scmp.com/business/article/3215389/chinese-tycoon-chen-hongtian-has-hong-kong-property-includes-peak-house-seized-lenders?utm_source=rss_feed https://www.scmp.com/business/article/3215389/chinese-tycoon-chen-hongtian-has-hong-kong-property-includes-peak-house-seized-lenders?utm_source=rss_feed Thu, 30 Mar 2023 08:35:24 +0000 [Sponsored article] As the global economy continues to shift towards digitalisation, the banking sector is adapting its services to meet the changing needs of digital-savvy consumers. A 2021 year-end survey by McKinsey revealed significant changes in customer behaviour and services offered by banks. It found that a wide range of people from different age groups and income levels were adopting online banking, with 85 per cent of respondents saying they would increase their use of digital banking... https://www.scmp.com/presented/business/banking-finance/topics/banking-digital-economy/article/3213590/bank-east-asia-and-mastercard-capitalise-partnership-they-advance-towards-digital-economy?utm_source=rss_feed https://www.scmp.com/presented/business/banking-finance/topics/banking-digital-economy/article/3213590/bank-east-asia-and-mastercard-capitalise-partnership-they-advance-towards-digital-economy?utm_source=rss_feed Thu, 16 Mar 2023 08:00:12 +0000 Enoch Yiu Enoch Yiu The Hong Kong Monetary Authority has launched an electronic platform designed to help small businesses get cheaper loans by sharing their operational data with banks. The Commercial Data Interchange is one of the key initiatives under the de facto central bank’s “fintech 2025” strategy for the next three years. The platform, launched on Monday, allows the 23 banks that have joined the scheme to access the information they need to determine the creditworthiness of small and medium-sized... https://www.scmp.com/business/banking-finance/article/3197064/hkma-launches-new-platform-help-small-businesses-get-cheaper-bank-loans-sharing-their-data-lenders?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3197064/hkma-launches-new-platform-help-small-businesses-get-cheaper-bank-loans-sharing-their-data-lenders?utm_source=rss_feed Mon, 24 Oct 2022 10:30:16 +0000 When HSBC and Standard Chartered report their interim results beginning this week, investors will be closely watching for guidance on the outlook for Hong Kong’s economy and whether further strains have emerged in their commercial property portfolios in mainland China. Standard Chartered will be the first of the city’s three currency-issuing banks to update investors on its half-year performance on Friday, followed by HSBC on Monday and Bank of China (Hong Kong) next month. Even with an... https://www.scmp.com/business/banking-finance/article/3186605/standard-chartered-hsbc-expected-report-weaker-results?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3186605/standard-chartered-hsbc-expected-report-weaker-results?utm_source=rss_feed Tue, 26 Jul 2022 06:00:23 +0000 Ping An Insurance Group’s unorthodox activist campaign to force HSBC to spin off its Asian business appears to have gained little traction with investors as it remained at an impasse three months after it began. No major shareholder has publicly supported HSBC’s break-up since the bank’s biggest investor declared its hand in a surprise move in late April before the London-based bank’s annual general meeting. Analysts have subsequently expressed their scepticism about the potential value that... https://www.scmp.com/business/banking-finance/article/3184670/breaking-hsbc-ping-ans-push-extract-value-banks-split?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3184670/breaking-hsbc-ping-ans-push-extract-value-banks-split?utm_source=rss_feed Sat, 09 Jul 2022 02:00:41 +0000 The Securities and Futures Commission has urged Hong Kong businesses to prepare for compulsory universal Covid-19 testing, an event that is likely to affect their operations as the city struggles to contain an Omicron-fuelled fifth wave of the pandemic. “Amid the acute situation of the fifth wave of Covid-19 infections in Hong Kong, the SFC again reminds licensed corporations to review and update their business continuity plan (BCP),” said an SFC circular issued late on Monday. “As the HKSAR... https://www.scmp.com/business/article/3169612/sfc-urges-hong-kong-businesses-update-continuity-plans-mass-covid-19?utm_source=rss_feed https://www.scmp.com/business/article/3169612/sfc-urges-hong-kong-businesses-update-continuity-plans-mass-covid-19?utm_source=rss_feed Mon, 07 Mar 2022 22:00:17 +0000 Hong Kong lenders HSBC, Hang Seng Bank, Standard Chartered and Bank of East Asia (BEA) set aside at least US$1.02 billion last year to cover for risks arising from China’s real estate sector. The provisions at these four banks, revealed during results announcements over the past two weeks, hint at the impact the developers’ credit crunch has had on lenders. HSBC, the city’s biggest lender, took a US$500 million charge for potential soured loans in its Chinese commercial real estate portfolio for... https://www.scmp.com/business/article/3168559/hsbc-standard-chartered-hang-seng-bank-and-bea-last-year-set-aside?utm_source=rss_feed https://www.scmp.com/business/article/3168559/hsbc-standard-chartered-hang-seng-bank-and-bea-last-year-set-aside?utm_source=rss_feed Mon, 28 Feb 2022 00:30:15 +0000 Twelve Hong Kong banks, including note-issuing lenders HSBC, Standard Chartered and Bank of China (Hong Kong) (BOCHK), will suspend all banking services on Saturdays starting this week and the next until further notice. Standard Chartered, CMB Wing Lung, China Citic, and OCBC Wing Hang Bank will close all outlets every Saturday from February 26 until further notice. HSBC, Hang Seng Bank, BOCHK, Bank of East Asia, China Construction Bank (Asia), Bank of Communications (Hong Kong), Citibank and... https://www.scmp.com/business/article/3168470/covid-19-eleven-banks-including-hsbc-standard-chartered-and-bochk-suspend?utm_source=rss_feed https://www.scmp.com/business/article/3168470/covid-19-eleven-banks-including-hsbc-standard-chartered-and-bochk-suspend?utm_source=rss_feed Sat, 26 Feb 2022 00:30:18 +0000