Hong Kong

Standard Chartered Bank completed the first domestic RMB trade settlement transaction outside Mainland China. It follows the latest elucidation of supervisory principles and operational arrangements regarding RMB business in Hong Kong by the Hong Kong Monetary Authority.

Hang Seng became the first bank in Hong Kong to set an RMB prime as the base rate for RMB finance.

Calculated as the biggest fund-raising plan in Hong Kong so far in 2010, the offering represents 20 percent of the bank's H-share capital.

Yet paying $5.8bln for investment in the bank to dominate country’s mobile market was greeted adversely.

Lender capitalises on Beijing's encouragement for foreign firms to offer shares after regulations become clear.

HSBC sees BoCom's fundraising move as opportunity to add its 20% stake and increase China investments.

Group Chairman Stephen Green says the decrease is part due to the reversal of fair value accounting gains on the bank's own debt.

Profit surge from US$5mln in 2008 is attributed to earnings in securities trading.

Bank of East Asia's consolidated profit after taxation reached US$339.7 million for 2009.

Standard Chartered said it is planning to hire 500 more employees this year for its wealth management business in Hong Kong in time for Asia's wealth surge.

Following a newspaper article saying the lender may raise more than 20 billion yuan, or $2.9 billion, in a rights offer, Bank of Communications Co. shares dropped to their lowest in more than three months in Hong Kong trading.

Standard & Poor's assigned its 'BBB+' rating to BOCHK’s proposed U.S. dollar-denominated subordinated notes due 2020.

Michael Thomas Pratt will succeed Stefano Paolo Bertamini as Director of Standard Chartered Bank Hong Kong effective 1 February.

BEA China became the first locally-incorporated foreign bank in China to open a data centre.

BEA China followed the “cross-location” trend in Foshan with the opening of its sub-branch. The bank group became one of the first mainland-incorporated foreign banks to open a “cross-location” sub-branch in Guangdong Province.

The Bank of East Asia Limited has launched four constituent funds under its Mandatory Provident Fund schemes.