Hong Kong

The lender taps potential in its fixed deposit products as their Hong Kong customers continue to explore better returns from long term placement of funds.

5,000 new client accounts added and the number of relationship managers up 15% to 450 in the same year.

The lender to repurchase 95% of the outstanding transactions of Lehman Brothers-related notes despite its non-admission of liability.

The lender not prioritising M&As as it expects to benefit from a rise in interest rates in the Asian-Pacific region due to strong inflationary pressures.

The bonds, with terms of between two years and five years, are targeted at institutional investors and individual investors.

Yet the conglomerate admitted it raised its stake in the bank to 10.06% from 9.98%.

Bank of China is opening a yuan repurchase facility in Hong Kong that will boost the Chinese currency's business in the territory.

Bank of East Asia achieved a record after-tax profit of US$552.4 million in 2010, jumping 60.8 percent from a year earlier.

Citigroup has named Vanessa Wang Pension Services Head of Asia Pacific.

Global Payments Inc. appointed James R. Hicks as President of Global Payments Asia Pacific, responsible for its activities in the region. Mr. Hicks has extensive payments industry experience, most recently serving as President of the company's Prague-based payment processing business in Central Europe. Previously, he also held responsibility for Global Payments' Canadian Product and Marketing functions as Vice President and Senior Vice President within Global Payments Canada. "The Asia Pacific region is a key market for our company, and I am delighted to welcome such a seasoned leader as James to our Asia Pacific team," said Joseph C. Hyde, President, International of Global Payments Inc. "Global Payments is committed to continually improving the products and service levels provided to our merchant customers. James' strong leadership and proven experience in the payments business will help us accomplish these objectives, while building upon the strong relationships we have with our clients and partners in the region."  

Hong Kong’s banking sector remained resilient last year despite uncertainties in the global landscape.

 The chairman of HSBCannounced that they will keep their global headquarters in London.

The lender committed to launching new investment products to keep pace with market developments and to enhance non-interest income.

 

 

The bank’s entry into the renminbi bond market will permit investors to diversify their currency holdings and expand their renminbi exposure.