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Tag: Finance

  • StanChart Sheds Office Space in Hong Kong

    StanChart Sheds Office Space in Hong Kong

    Standard Chartered will give up several floors in the main offices of the Hong Kong central business district as banks continue to adapt to the post-covid environment.

    Standard Chartered will give up the lease on eight floors of its Standard Chartered Bank Building in the central business district, according to a Hong Kong Economic Times report which cited related marketing materials.

    Landlord Hang Lung Properties is asking for about HK$6 million ($770,000) in rental per month for the 60,000 square feet space. The offices will be available between next month and April 2022.

    The British lender is also renting out three floors it owns from its offices in Kwun Tong, an industrial district in the eastern part of Hong Kong.

    The move falls in line with Standard Chartered’s announced plans to permanently offer flexible work options to around 90 percent of its 85,000 employees around the world. According to the bank, hybrid work arrangements will be made available to around half of its staff in early 2021 and will extend to 75,000 workers in 55 markets by 2023.

    While we have been thinking through the issues around the future workplace for some time, it’s inevitable that recent events provided a catalyst, said Standard Chartered’s human resources head Tanuj Kapilashrami in an internal memo.

    Vacancy rates amongst the district’s Grade A office are reaching the highest levels in December last year since 2004, according to property services firm Jones Lang LaSalle. And foreign firms are a major contributor with multinational companies making up 75 percent of total surrendered Hong Kong office stock in the last quarter, according to Cushman & Wakefield.

    Standard Chartered aside, other global banks that have recently shed office space in the main district include BNP Paribas, Nomura, and Macquarie Group. HSBC also said last year that it was considering ways to digitize more of its operations and is seeking to have more employees work from home in the future.

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  • HSBC Considers Relocation of Top Execs

    HSBC Considers Relocation of Top Execs

    The bank is reportedly considering moving a number of its top executives to Hong Kong or Singapore to strengthen its push in Asia.

    Among the relocations being considered are the two co-heads of its investment bank, Greg Guyett and Georges Elhedery, who are currently located in London, reported on Thursday.

    The move of its top decision-makers to Asia, where the bank makes most of its money, comes almost a year into its restructuring under chief executive Noel Quinn. The bank is preparing to announce the outcome of a strategic review later this month.

    HSBC has been undergoing an overhaul to focus on fee-generating businesses and reducing its operating costs. The bank has also said it intends to increase its rate of investment in Asia, particularly in wealth, the Greater Bay Area, South Asia, trade finance, and sustainable finance while scaling back investments in Europe and the U.S.

    Earlier this week, HSBC has internally appointed Daniel Chan, its current Hong Kong business and commercial banking head, to lead the bank’s new Greater Bay Area office, located in Guangdong.

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  • Standard Chartered Grows CCIB Unit in Singapore

    Standard Chartered Grows CCIB Unit in Singapore

    The bank has made a pair of Singapore-based senior appointments to its Corporate, Commercial and Institutional Banking (CCIB) segment as it increases its focuses on growing this business.

    Former regional head of client coverage, CCIB, ASEAN and South Asia, Chow Wan Thonh, has been named global head of the bank’s Global Industries Group, Standard Chartered announced in a statement on Thursday.

    Chow joined the bank in 2019, bringing with her over 25 years of experience in the banking industry, having held a number of senior leadership roles in international banks supporting corporate and institutional clients.

    At the same time, Heidi Toribio, who joined the bank in 2013, will replace Chow as Asia co-head of client coverage. She was most recently the bank’s global head of financial institutions. Toribio counts 25 years of banking experience, having previously worked at international banks in a variety of management positions.

    Standard Chartered said the pair have played a key role in accelerating the growth of its CCIB business in Singapore and globally.

    Paul Skelton, Global Head of Client Coverage in CCIB, said in the announcement that corporates’ financing needs are rapidly evolving, as businesses navigate uncertainties while seeking new growth opportunities

  • Sustainable Assets Surge at UBS

    Sustainable Assets Surge at UBS

    UBS maintains momentum in sustainable investments, registering strong asset growth across its asset and wealth management divisions as a result of both market performance and new client demand.

    In 2020, UBS’s global wealth arm saw assets in sustainable portfolios (those defined as 100 percent invested with the consideration of environmental, social and governance (ESG) factors) exceed $18 billion, $7 billion from inflows alongside even better performance than traditional equivalents, according to a statement.

    The asset management arm also posted strong growth with sustainability-focused assets doubling to $97 billion and ‘Climate Aware’ strategies reaching $15 billion.

    The bank has also successfully met its commitment to raise $5 billion for impact investments related to United Nations Sustainable Development Goals (SDG), beating the five-year timeline (2017-2021) in the second half of last year.

    Sustainability is no longer just a talking point, but also a catalyst for action said group CEO Ralph Hamers. Investors and companies should seek to get ahead of this transformation if they wish to navigate 21st-century risks and opportunities effectively.

    The bank highlighted Asia as a region of focus for sustainability as a theme not only within investment portfolios but across other areas.

    From our conversations with investors and business owners across Asia, we know that many more are looking to integrate ESG-related aspects in their investment portfolios, business plans and philanthropic ventures, said Desmond Kuek, divisional vice chairman and chair of the bank’s APAC sustainable finance network.

    The statement accompanied a white paper for the World Economic Forum’s Davos Agenda Meetings.

    It listed ten sustainable finance trends the bank identified including investor engagement, impact investing, electric transport, net-zero emissions, innovations in big oil, diversity, plant-based meat, climate stress testing, sustainable data and greater data transparency.

  • Techcombank profits sharply up

    Techcombank profits sharply up

    Vietnam’s largest private lender, Techcombank, reported a 23 percent rise in pre-tax profit last year to VND15.8 trillion ($683.62 million).

    It remained the third most profitable bank in the country behind state-owned Vietcombank and VietinBank.

    Its revenues rose 28 percent to VND27 trillion, nearly 70 percent of its interest income. The rest mostly comprised income from fees and securities investment.

    Provisions were up 2.8 times to over VND2.6 trillion as businesses, hit hard by the Covid-19 pandemic, struggled to repay loans.

    Credit grew at a whopping 23 percent against the country’s average of 10.14 percent.

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  • HSBC Appoints Singapore Commercial Banking Head

    HSBC Appoints Singapore Commercial Banking Head

    HSBC has promoted a Hong Kong corporate banker previously covering the tech sector to become its head of the commercial banking unit in Singapore.

    Regina Lee has been named as HSBC’s Singapore head of commercial banking, according to a statement, effective March 1 this year.

    Lee will replace Alan Turner who will relocate to the commercial banking unit in Canada after three years in Singapore.

    She will report to CEO of HSBC Singapore Tony Cripps and APAC head of commercial banking Stuart Tait.

    Lee has over 20 years experiencing across corporate and commercial banking. She was most recently a managing director of corporate banking in HSBC’s Hong Kong unit where she led the coverage team for TMT (technology, media, and telecommunications), consumer, retail and commodities.

    In addition, Lee has extensive operational and risk management experience as HSBC’s former chief operating officer for the commercial bank in Hong Kong and she also separately oversaw operational risk and control division for commercial banking in the broader APAC region. Previously, she also led business development for HSBC Hong Kong’s global trade and receivables finance business and the commercial banking business in Macau.

    Singapore continues to be a strategic growth market for the group, offering significant opportunities from its increasing status as an international investment hub and springboard to Southeast Asia, Cripps said.

  • Whisky-Backed Securities Trading Goes Live in Singapore

    Whisky-Backed Securities Trading Goes Live in Singapore

    Hg Exchange went live this week with whisky-based asset-backed securities trading, becoming Southeast Asia’s first bourse with the offering.

    Five whisky-linked securities were actively traded through the blockchain-based bourse for the first time yesterday, according to a statement, with total volumes valued at 700,000 British pounds ($956,000).

    Hg Exchange’s (HGX) is a private bourse that features not only whisky-linked securities but also other financial securities such as private equity, venture capital funds, and real estate.

    Its founding partners include Asia-focused financial firms PhillipCapital and PrimePartners alongside private tech platform Fundnel and blockchain platform Zilliqa.

    Demand from Asia in fine whiskeys has grown in recent years concurrently with persistent wealth accumulation. There was a most notable surge in the region during the mid-2010s after the release of the Japanese television series Massan, then a popular drama about a whisky distiller, sparking widespread demand.

    The strongest returns yielded from HGX’s first trading day was from the Port Ellen which saw over 30 percent gains yesterday.

    We are delighted by the positive reaction to this whisky-based asset-backed securities from accredited investors in Singapore, across Asia and around the world, said Gerald Ong, deputy chairman and executive director of PrimePartners Corporate Finance Holdings.

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  • HSBC’s Noel Quinn Faces Questions from British MPs

    HSBC’s Noel Quinn Faces Questions from British MPs

    HSBC chief executive Noel Quinn is scheduled for a virtual session tomorrow with the U.K.’s Foreign Affairs Committee where he is expected to face tough questions about the bank’s relationship with Beijing.

    HSBC’s Noel Quinn alongside chief compliance officer Colin Bell will face questioning from the British parliament’s Foreign Affairs Committee (FAC) this week regarding political developments in Hong Kong.

    This occurs just days after self-exiled activist Ted Hui called on British member of parliament (MP) to investigate the British lender over frozen accounts and an apology from Quinn saying he had «no choice» after being instructed by Hong Kong police.

    The virtual session between FAC and top HSBC executives is scheduled for tomorrow with a private meeting followed by a public one at 2:30 pm in the U.K.

    The FAC meeting is expected to cover a number of recent events in Hong Kong including the passing of the national security law and the freezing of accounts belonging to activists involved in local protests.

    On Quinn’s emailed apology to Hui last week, Conservative MP and FAC chair Tom Tugendhat called the response «extraordinary» adding that the HSBC CEO was clearly defending his actions by denying responsibility, according to a  report.

    Companies listed in London should expect to be scrutinized according to the values we hold, not those of a foreign dictatorship,» he said.

    According to Hui, who self-exiled to the U.K., he has recently shared evidence and detailed information regarding the recent account freezes, as requested by FAC members.

    Any banks, businesses or organizations helping the communist tyranny to suppress the freedom of Hong Kong people will inevitably pay a heavy price internationally, Hui said in a social media post over the weekend.

    I will do everything I can to make these organizations face the consequences.

  • China’s Central Bank Signals Break-Up Risk for Non-Bank Players

    China’s Central Bank Signals Break-Up Risk for Non-Bank Players

    The latest draft rules proposed by the People’s Bank of China signals even more regulatory tightening against the mainland fintech sector including the potential to even break up non-bank institutions deemed to hinder payment development.

    The People’s Bank of China (PBoC) proposed this week that it could advise the state council’s antitrust committee to take action should non-bank institutions severely hinder the healthy development of the payment service market.

    Actions suggested include the ability to break-up non-bank financial institutions that are deemed to be too dominant and abusive of their leading market positions.

    This spells more tightening for the likes of payment giants like Ant’s Alipay or Tencent’s Tenpay which own the majority of mainland China’s digital payment market share.

    According to guidelines released earlier this month, the PBoC defines a digital payments monopoly as any non-bank service provider with at least half of the market share for online transactions.

    Two non-bank providers with a combined market share of two-thirds or three providers with three-quarters will also qualify for antitrust investigations.

    Two or three firms having less than a 10 percent market share will not trigger investigations, the PBoC added.

    The new rules spell headwinds for China’s leading fintech giants whose dominance could at the very least potentially face supervision over capital adequacy requirements especially if they offer deposit products with interest rate payments, if not a full break up.

    While onlookers remain cautious, some have expressed optimism about limited intervention due the risk of such actions resulting in curbed innovation.

    Globally, regulations have actually intensified to rein in the dominance of big tech. In our view, this is meant to prevent market abuse, said UBS Global Wealth Management’s APAC CIO Min Lan Tan in a recent virtual roundtable. Regulators will be careful not to stifle innovation. Significant changes in business models or the breakup of companies, we think, is unlikely.

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  • Bidders Emerge for AXA’s Singapore Unit

    Bidders Emerge for AXA’s Singapore Unit

    Three bidders have reportedly emerged as frontrunners for AXA’s business in Singapore after the French insurer first signaled a potential sale in August last year.

    HSBC, Malayan Banking’s insurance joint venture Etiqa and an at least one Chinese firm are reportedly in the running, according to a «Bloomberg» report citing unnamed sources.

    Etiqa was established in 2005 and provides general and life insurance solutions. It was founded as a merger between a Maybank-Ageas joint venture and Malaysia’s National Insurance.

    HSBC also has an existing insurance business in Singapore and its chairman Mark Tucker recently called for accelerated expansion across Asia.

    According to the report, expectations are for the sale to raise about $700 million amid AXA CEO Thomas Buberi’s attempt to shift focus to property and casualty insurance, evidenced by its $15.3 billion purchase of XL Group in 2008.

    The three frontrunners will have a few weeks before submitting binding bids for AXA Singapore.

    AXA’s Singapore unit offers life, property, and casualty insurance and it generated 615 million euros ($745 million) of revenue for 2019, according to its annual report.

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  • Ralph Hamers’ Long Road to Leaving ING Behind

    Ralph Hamers’ Long Road to Leaving ING Behind

    The UBS boss has a long road to shaking off his past: he faces an 18-month journey before knowing if prosecutors will charge him in a Dutch money-laundering investigation.

    A Dutch criminal probe into whether Ralph Hamers and money laundering is ticking on after prosecutors agreed to comply with a surprising court ruling last month. Prosecutors were ordered to revisit a money-laundering scandal at ING that culminated in a 775 million euro ($939 million) settlement.

    We’re currently clarifying the organizational questions in relation to the court’s decision,» the Dutch prosecutor told Handelsblatt. The German outlet reported that it may take prosecutors as long as 18 months to decide whether to press charges against Hamers or not, citing a person familiar with the investigation.

    The matter is potentially explosive for the Swiss lender, which hired him in full knowledge of the 2018 settlement – UBS had ordered an outside evaluation of Hamers while recruiting him, and the Dutch banker also passed Swiss fitness and probity checks by regulator Finma.

    What UBS didn’t know is that a Dutch activist, Pieter Lakeman, would successfully force the 2018 settlement to be reopened. This represents a major stumbling block for Hamers, who ran ING from 2013 until mid-2020, then joined UBS in September and took over fully three months ago.

    The Dutch prosecutor’s comments perfectly exemplify the logistics involved in reopening the investigation: Hamers has since moved to Switzerland and is widely expected to later this month unveil an outline of his plans to modernize and update UBS during his tenure.

    But he must also appear in-person in the Netherlands when prosecutors want to question him, seriously cutting into his chockfull calendar running the Swiss lender. The pandemic also complicates his life in a very practical way: Switzerland last week reimposed a mandatory ten-day quarantine on travels from the Netherlands (the Netherlands requires the same of all visitors from abroad).

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  • HSBC’s Noel Quinn Apologizes to Self-Exiled Hong Konger

    HSBC’s Noel Quinn Apologizes to Self-Exiled Hong Konger

    Self-exiled lawmaker Ted Hui publicly shared and criticized HSBC CEO Noel Quinn’s apology over frozen accounts which claimed that the bank was done on orders by the Hong Kong police.

    I regret that HSBC is not able to operate your bank and credit card accounts, said Quinn in an email dated January 11 and sent to Hui who has shared an image on his Facebook account.

    Quinn explained that the bank had no choice but to take action after being instructed by the Hong Kong police, Hui said, and he also apologized over communications with HSBC.

    The ex-Democratic Party member and his family’s accounts were allegedly frozen by HSBC alongside Hang Seng Bank and Bank of China after police said they were probing for a money laundering linked to a crowdfunding campaign.

    According to Hui, there is no legal basis for freezing his nor his family’s accounts, underlining a specific concern that he had not received questions regarding any suspicious transactions prior to the move.

    Hui has since said his family accounts were unfrozen and his personal accounts were partially released. He also noted that HK$200,000 ($25,800) had been frozen, less than the initial HK$850,000 ($110,000) claimed by local police.

    HSBC said it would not comment on specific accounts and maintains its stance that it must comply with the jurisdictions in which it operates.

    Hui also said that the bank had initially chosen to cancel his account before changing its decision to just freezing it.

    I can hardly accept the nearly laughable U-turn explanation given by HSBC regarding my credit cards, from ‘a commercial decision to cancel’ to ‘frozen only’ after enormous public criticisms, he said. This is not so much a mistake made by a frontline staff member.

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  • StanChart Nets Ex-Bank of Singapore Relationship Manager

    StanChart Nets Ex-Bank of Singapore Relationship Manager

    Standard Chartered hires a new private banker focused on the Singapore market, formerly from Bank of Singapore, according to a note.

    Suresh Nair joins Standard Chartered as a senior client partner for private banking, according to the note, effective as of today with a focus on the Singapore market. In his new role, Nair will report to Adeline Chow, private banking team lead for Singapore and Malaysia.

    A spokesperson for the bank confirmed the hire.

    Nair was most recently with Bank of Singapore where he was responsible for the Singapore, Malaysia and international teams. Previously, he had over 20 years of banking experience working for the likes of J.P. Morgan, HSBC Private Bank and American Express. In addition to Southeast Asia, Nair also has some experience covering the Dubai market.

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  • UBS Boss Ralph Hamers in Tight Spot

    UBS Boss Ralph Hamers in Tight Spot

    The new UBS boss’ chances of escaping a criminal trial over money laundering at the last bank he ran appear to be slimming.

    Ralph Hamers is 99 percent certain to be formally criminally investigated in the Netherlands over money-laundering accusations, the Dutch activist who is seeking to reopen the probe told Swiss weekly NZZ am Sonntag.

    Pieter Lakeman, the 78-year-old who runs a foundation devoted to financial transparency and fair business, told the outlet that Dutch prosecutors informed him in a letter dated January 8 that they would seek charges against Hamers over his role in a money-laundering scandal at ING that culminated in a 2018 settlement.

    The matter has exploded less than three months into Hamers’ tenure running the world’s largest wealth manager, where he is widely expected to modernize, soften a hidebound, bulky hierarchy, and better equip the Swiss bank on technology, data, and digitization.

    The Dutch legacy means Hamers will instead have to devote considerable time and resources to answer to investigators. A feted European banking CEO who was also wooed by HSBC, Hamers may not be tenable if criminally charged in the Netherlands.

    UBS’ board has thus far backed him, and noted that it had ordered an outside review of the ING events while it was recruiting Hamers – which found no wrong-doing.

    Hamers also passed Swiss financial regulator Finma’s fitness and probity testing. UBS Chairman Axel Weber made clear this week that «we are monitoring the situation and will adjust to developments.»

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  • HSBC Hires Ex-SSGA ETF Capital Markets Head for Asia

    HSBC Hires Ex-SSGA ETF Capital Markets Head for Asia

    HSBC’s asset management arm the former Asia Pacific head of ETF capital markets from State Street Global Advisors.

    HSBC Global Asset Management hired Jacqueline Pang in the newly created Hong Kong-based role of APAC head of exchange-traded fund sales, according to a statement, reporting to global head of ETF sales Olga De Tapia. She will be tasked with expanding HSBC Global Asset Management’s ETF business, including sales and distribution.

    Pang is a 20-year investment management veteran and was previously with SSGA for eight years. Prior to that, she was with Amundi Asset Management for five years where she ran its capital markets business and overseeing ETFs covering brokers and market makers across Europe.

    «ETFs are one of the fastest-growing investment products in Asia and we’re expanding our sales team to continue to meet the investment needs of our Asian clients,» said de Tapia. «[Pang] extensive client-facing and ETF market experience will be invaluable to help grow our ETF platform in the region.»

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