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  • OCBC Partners Asset Manager for New Fund

    OCBC Partners Asset Manager for New Fund

    The co-branded solution to address investor needs during times of stress and uncertainty and has a built-in dollar-cost averaging feature. French asset manager Amundi and OCBC Bank on Wednesday announced the launch of the Amundi-OCBC Momentum Fund – a mixed-asset product that invests in global bonds and equity ETFs.

    According to its prospectus, the Momentum Fund lets the portfolio manager initiate dollar-cost averaging for the investor. The fund leverages the cost-averaging effect when it systematically allocates assets from an initial pool of fixed income securities to equity ETFs, which helps to average out the costs of investing into equities and position the fund for a potential equity market recovery. Investors are also paid a quarterly dividend of up to 3 percent per annum.

    The fund is the first co-branded tie-up between the two partners, though OCBC has been distributing four other products from Amundi, according to the bank’s website.

    Investors should stay invested in the market and not wait for blue skies. They should manage risk by investing carefully and staying diversified across asset classes and by taking on risk gradually over time through regular investments – in other words – dollar-cost averaging. This can benefit investors by potentially lowering the average cost per unit of an investment, especially during times of volatility, Tan Siew Lee, OCBC’s head of wealth management, Singapore, said about the new fund.

    The bank noted the benefits of a multi-asset strategy in an uncertain economic environment, as it provides relative stability over equities. The fund has a target allocation of 50 percent global bonds and 50 percent global equity ETFs, with a maximum of 25 percent into non-investment grade bonds.

    DBS Bank also recently launched a multi-asset fund with Schroders that includes a unique decumulation share class targeted at retiree investors, with exposure to a range of investment growth themes across Asia.

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  • DBS Brings Automated Supplier Financing to Construction Sector

    DBS Brings Automated Supplier Financing to Construction Sector

    The solution aims to improve productivity and remove inefficiencies in the sector’s procurement and payment processes.DBS Bank has partnered with Singapore fintech Doxa to pioneer a procure-to-pay solution for Singapore’s construction sector, according to an announcement on Thursday.

    DBS worked with the main contractor Tiong Seng Group and its supplier network to validate the construction industry’s process flows and develop a solution to eliminate manual administrative processes that plague the industry. The solution, Doxa Connex, digitalizes and automates the majority of the manual procurement and payment processes and documentation, which could lead to a reduction in administrative fees and processing costs of at least 50 percent, the statement said.

    «Covid-19 has accelerated the need for many industries to turn to digital solutions to continue operating safely even amid manpower constraints, and the construction sector is no exception. Proactive and timely digital transformation will put construction companies in good stead for recovery and growth when economic activity picks up and demand for construction services resumes,» Chew Chong Lim, DBS managing director, and global head of real estate, institutional banking, said.

    The construction sector accounts for more than 4 percent of Singapore’s gross domestic product but has been slow to embrace technology along the construction value chain. The announcement cited a recent study by Autodesk and IDC that said only 2 percent of construction firms have automated most of their manual processes.

    Tiong Seng is keenly aware of the need to embrace Integrated Digital Delivery (IDD) in the entire value chain of the built environment sector. We have thus made digitalization one of our core drivers for industry transformation, John Keung, Chairman of Tiong Seng Contractors, said about the launch of Doxa Connex.

  • ABN Amro Overhauls Corporate Bank

    ABN Amro Overhauls Corporate Bank

    Following a review by its new CEO, the bank will wind down all of its non-European corporate banking operations and stop providing trade and commodity finance.

    «We will serve clients in segments where we can achieve scale, so we will focus on the Netherlands and Northwest Europe, where we will invest and grow,» CEO Robert Swaak, who was appointed in January, said in comments with the bank’s second-quarter results, published Thursday.

    Going forward, the bank’s Corporate & Institutional Banking (CIB) will focus on clients in Northwest Europe and Clearing and will exit all non-European corporate banking activities. Trade & Commodity Finance activities will be discontinued completely, and Natural Resources and Transportation & Logistics will be limited to Europe, while it will impose stricter lending criteria and credit limits, the bank said on Tuesday.

    Non-core activities, which comprise around 45 percent of CIB’s client loans, representing approximately 35 percent of CIB’s RWA and over 10 percent of total RWA, are expected to be wound down in the next three to four years and will affect around 800 full-time employees, of which 150 are in the Netherlands.

    A Netherlands-based spokesperson for ABN Amro said that the schedule of winding down for non-core activities has not been set and that it will differ based on business line and region. In Singapore, only its Clearing desk will remain.

    We can not yet say exactly how many jobs in Singapore are impacted. This will also be worked out in the coming period, the spokesperson said.

    The bank had one of the largest exposures of any bank to the collapse of Singapore oil trading company Hin Leong, at around $300 million. It also had a smaller exposure to Zenrock Commodities Trading, another scandal-hit Singapore oil trading firm.

  • Standard Chartered Partners with Juwai IQI to Redefine the Client Experience

    Standard Chartered Partners with Juwai IQI to Redefine the Client Experience

    Standard Chartered and Juwai IQI have announced a partnership across their networks to redefine the client experience of banking and property investment. Juwai IQI’s real estate agent network IQI Global has 10,000 agents across offices in 15 countries, while Standard Chartered has a presence in 59 countries.
    Abrar A. Anwar, Managing Director and CEO of Standard Chartered Malaysia said: “Real estate is a vital asset class for our clients as a means to diversify their investments. This collaboration offers Juwai IQI’s clients access to Standard Chartered’s comprehensive range of property loans and mortgage solutions to help them achieve their property ownership dreams.”
    Juwai IQI Executive Director Kashif Ansari said: “The majority of property investors use finance to leverage their returns. Investors also have many other financial needs, from private banking to personal loans and credit cards. Standard Chartered is one of the world’s leading banking groups. Together, we can improve both the banking and property investment experience for our mutual clients, and even save them money.
    “Both Standard Chartered and Juwai IQI are leaders in the application of data for business growth. By combining our knowledge, we expect to be able to improve existing services and offer new opportunities to our clients.
    “The partnership between Standard Chartered Malaysia and Juwai IQI will help to provide our mutual clients with the resources and opportunities they need to be successful.”
  • HSBC Private Banking Names Southeast Asia Market Heads

    HSBC Private Banking Names Southeast Asia Market Heads

    Less than four months after the exit of single ex-market head of Singapore and Malaysia, HSBC Private Banking promotes two internally to head the respective markets.

    HSBC Private Banking named Ken Ng as market head for Singapore and Gary Goh as market head for Malaysia, replacing the former dual-head Chow Shang-Wei who resigned earlier this year after a four-year stint, according to a statement.

    Ng is an HSBC veteran, joining the British lender in 1995 with experience across wealth management, corporate banking and risk. He joined the private banking arm in 2014 and was previously a desk head.

    Goh has 23 years of experience in the financial industry and joined HSBC Private Banking in 2019 from Standard Chartered Private Bank where he headed the Singapore market. Previously, had also worked at UBS Wealth Management, as a desk head for its Chinese entrepreneur segment, as well as at Credit Suisse and Citigroup.

    Although the bank is running an accelerated global overhaul which includes 35,000 job cuts, it remains in growth mode in Asia especially following a restructuring that created a $1.4 trillion wealth and personal banking unit. The unit has set various expansion targets, including up to 3,000 hires by 2024 in its Guangzhou and Shanghai offices.

    In the latest duo appointments, the bank added that it would seek to double its Singapore wealth and personal banking unit over five years as part of its «efforts to cement Singapore’s role as a prime international wealth center.

    Southeast Asia is home to some of the fastest-growing economies spurring the next generation of wealthy entrepreneurs,» said Philip Kunz, Southeast Asia head of global private banking. «Singapore and Malaysia sit at the nexus as many entrepreneurs look to expand regionally.

    In the last 12 months, HSBC has been actively rostering senior positions in its private bank with a string of hires and internal appointments.

    Last month, the private bank promoted another duo – Jeffrey Yap and Adam Lau – as Southeast Asia head of investment services and product solutions and the newly created role of APAC head of market solutions, respectively. It also expanded to its Greater China product and investment teams in late 2019 with the addition of Lina Lim, ex-J.P. Morgan; Rocky Cheung, ex-DBS; and Simon Hwang, ex-Citi.

    Other senior moves included the hire of ex-Deutsche exec Lavanya Chari as the global head of products, investment and collaboration; ex-J.P. Morgan exec Sharon Oh as chief operating officer; and the appointment of Cynthia Lee as APAC head of private wealth solutions.

  • Axa Mulls Sale of Singapore Unit

    Axa Mulls Sale of Singapore Unit

    The French insurer is reportedly considering the sale of its Singapore business as part of plans to raise funds by divesting peripheral operations.

    The firm is working with an adviser on the potential sale, which could take place in the next few weeks, Bloomberg reported on Tuesday, citing people familiar with the matter.

    The business, which offers life and property and casualty insurance, could draw interest from rivals looking to expand in the region, the report said, noting that the business generated €615 million ($722.71 million) of revenue in 2019, according to Axa’s annual report.

    Axa’s net profits in the first half of 2020 tumbled by 39 percent to €1.4 billion euros ($1.7 billion), as it took a hit from customer claims arising due to the coronavirus pandemic.

    Axa CEO Thomas Buberl has been trying to shift the firm’s focus on property and casualty insurance, following its $15.3 billion purchase of XL Group in 2018. It has been reviewing options for smaller businesses across the world, including in the Middle East, to help pay for the XL deal, «Bloomberg» said.

    Across the border in Malaysia, Axa is looking to raise funds from the sale of the life and general insurance joint ventures with Affin Bank. The sale could fetch some $650 million.

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  • OCBC Profits Plunge in Q2

    OCBC Profits Plunge in Q2

    The bank recorded a decline that was steeper than predicted by analysts, owing to soaring provisions for loan losses and shrinking lending income during the Covid-19 pandemic.

    OCBC’s net profit for the second quarter of 2020 was S$730 million ($533 million), up 5 percent from the previous quarter and 40 percent lower compared to a year ago, the bank said in its quarterly earnings report published on Friday.

    Provisions for credit losses stood at $750 million in Q2, higher than the previous quarter’s $657 million, and $111 million a year ago.

    Net interest income fell 9 percent to S$1.48 billion, which the bank said was largely from a 16 basis points decline in NIM as asset pricing adjusted to the significant cuts in interest rates faster than the reduction in customer deposit funding costs

    The bank recommended an interim dividend of 15.9 cents per share for the first half of 2020. This represents half of the maximum 31.8 cents dividend per share that OCBC can declare in FY20, as MAS has recommended locally incorporated banks headquartered in Singapore to cap dividends at 60 percent of FY19. A scrimp dividend is also offered, which gives shareholders the option to receive the dividend in the form of shares, with the issue price of the shares set at a 10 percent discount.

    This decline is steeper than expected – a Refinitiv poll among analysts expected net income to fall 31.7 percent to S$835 million during the quarter, with earnings per share to fall 24.1 percent year-on-year to S$0.218 per share.

    OCBC group CEO Samuel Tsien said the bank has been defensively shoring up its balance sheet and preparing for a slow recovery.

    We protected our customer franchise, managed our expenses in line with income expectations, increased our allowance coverage, preserved our capital and raised our capital efficiency to position for the future post-pandemic. We will continue to contain all discretionary expenditures, including management compensation,» Tsien said in a statement.

    Singapore’s two other listed banks reported their earnings yesterday – DBS reported a 22 percent year-on-year drop in Q2 net profit for the first quarter to S$1.25 billion, while UOB reported a 40 percent decline.

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  • DBS Private Bank Names Fund Selection Head

    DBS Private Bank Names Fund Selection Head

    DBS Private Bank has appointed a successor to Piere DeGagne, the former head of fund selection and advisory who is leaving the bank.

    John Ng was appointed as DBS Private bank’s new head of fund selection and advisory last month to replace DeGagne, who is returning to Canada this month for personal and family reasons, according to a report from Fund Selector Asia, after seven years with the bank.

    Ng joined the bank in 2017 as its head of portfolio counseling and product strategy, then a newly created role focused on providing strategic portfolio advice and building model portfolios to cater to different market segments.

    Prior to joining DBS, Ng was with Bank of Singapore for eight years where he was responsible for the cash equity, bond, fund, and private equity research teams alongside product marketing.

  • Axa Joint Venture Buys Amazon Japan Warehouse

    Axa Joint Venture Buys Amazon Japan Warehouse

    The firm’s real estate investment arm has acquired the ¥39 billion ($369 million) Tokyo logistics facility in a joint venture with fund manager ESR.

    The ESR-Axa vehicle purchased the 142,000-square-meter ESR Kuki, located in the north-eastern area of Saitama prefecture, from ESR-managed vehicle Redwood Japan Logistics Fund II (RJLF II) and co-investors.

    The site is built to the highest specifications and meets the latest ESG standards (CASBEE A certification), and is energy-saving compliant. The asset benefits from a human-centric design with plentiful amenity space for workers, such as children’s daycare centres, and access to 241 parking spaces, the announcement said. According to real estate intelligence platform Mingtiandi, Amazon leased nearly half of the facility just seven months ago.

    The demand for modern logistics space in this market is likely to remain strong due to tight supply and we are confident that this, coupled with the continued growth of e-commerce, will enable us to deliver secure income returns over the long term for our clients, alongside our joint venture partner, Laurent Jacquemin, Axa IM – Real Assets head of Asia-Pacific, said in a statement on Thursday.

    The acquisition adds to Axa Investment Managers – Real Assets’ Japanese logistics platform which comprises a six asset portfolio acquired on behalf of clients last year for over ¥100 billion, as part of its Japanese joint venture with ESR established in 2018.

    Axa said the joint venture will seek further investment and development opportunities diversified across Japan’s gateways cities, targeting large-high-quality modern logistics facilities that have the ability to deliver secure income returns over the long term.

    Axa IM – Real Assets is part of Axa IM Alts, which has €146 billion of assets under management as of end of March 2020, across real estate, infrastructure, private debt, structured finance and hedge funds

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  • DBS First-Half Profits Tumble

    DBS First-Half Profits Tumble

    A five-fold surge in allowances primarily focused on coronavirus-linked risks drove net profits at DBS to tumble 26 percent in the first half.

    DBS Group posted a net profit of S$2.41 billion ($1.76 billion) in the first half of 2020, a 26 percent year-on-year drop, according to a statement. This was driven largely by a five-fold increase of total allowances which reached S$1.94 billion of which S$1.26 billion has been «conservatively set aside to fortify the balance sheet against risks arising» from the ongoing pandemic.

    Singapore bank’s ex-allowance profits increased 12 percent and reached a record S$4.71 billion driven in part by a 7 percent income rise to S$7.75 billion.

    Our solid balance sheet was further fortified by a significant increase in allowance reserves, strong liquidity inflows and healthy earnings, said DBS CEO Piyush Gupta. «Notwithstanding the uncertainties, we are in a good position to continue supporting customers and the community through the difficult months ahead of us.»

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  • UOB Reports Lackluster Quarter

    UOB Reports Lackluster Quarter

    The bank’s performance was hit by declining margins and pre-emptive credit provisioning as the effects of the Covid-19 pandemic continues to devastate the global economy.

    United Overseas Bank reported second-quarter net earnings of S$703 million ($513.41 million) – 18 percent down from the previous quarter and 40 percent down from the same period the year before, mainly due to lower margins and higher credit costs, according to its second-quarter earnings report, published on Thursday.

    Earnings for the first half of the year stood at S$1.56 billion – 30 percent lower than a year ago. Net interest income decreased 6 percent year-on-year to S$3.05 billion as a result of declining margins alongside interest rate cuts, while net fee and commission income was 4 percent lower at S$960 million due to lower consumer spending and slower loan disbursement fees.

    The board has recommended a dividend of 39 cents per share, with the scrimp scheme, which provides shareholders with the option to elect to receive new shares in lieu of part or all of the cash amount, applied. This move is in line with calls by the Monetary Authority of Singapore for local banks to conserve capital and moderate dividends.

    Our strong balance sheet, robust capital and liquidity positions equip us well to navigate the uncertain macro environment ahead and in sharpening our service and digital capabilities,» Wee Ee Cheong, deputy chairman and chief executive officer, said in a statement.

    Singapore entered a technical recession in the second quarter of the year, with the economy shrinking 12.6 percent year-on-year, following -0.3 percent growth in the first quarter, as a result of a partial lockdown and widespread closures of businesses to stem the spread of Covid-19.

    DBS on Thursday reported a 22 percent year-on-year drop in Q2 net profit for the first quarter to S$1.25 billion. Oversea-Chinese Banking Corporation will release its earnings results tomorrow.

  • Gold continues to scale new peaks

    Gold continues to scale new peaks

    Gold prices in Vietnam climbed to a new peak, as global rates hit an all-time high. State-owned Saigon Jewelry Company sold its popular SJC gold at VND60.7 million ($2,628) per tael of 37.5 grams (1.2 ounces) on Thursday morning, up 2.88 percent from Wednesday.

    Major jewelry company DOJI sold at VND60.3 million ($2,611). The State Bank of Vietnam said it has the resources to stabilize the gold market and would closely monitor the price movements.

    Global rates edged down to $2,041 on Thursday after reaching an all-time high of $2,055 on Wednesday. Analysts said the rapid rise in Covid-19 cases has dented hopes of a swift economic rebound, driving inflows into safe-haven assets such as gold, which has gained more than 34 percent this year.

    Vietnam’s gold bar and coin demand in the first quarter fell 8 percent year-on-year to 12.3 tonnes, according to the World Gold Council.

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  • HSBC Ramps Up China Hiring Despite Tensions

    HSBC Ramps Up China Hiring Despite Tensions

    HSBC stay on course with its China ambitions with the latest target to hire 2,000 to 3,000 wealth planners over the next four years for its mainland business. HSBC’s will seek to broadly expand its count of wealth planners in Asia with much of the growing focus placed on China where it could hire up to 3,000 by 2024. The bank is already housing its first 100 digitally-enabled wealth planners in its Guangzhou and Shanghai offices.

    Our new venture in mainland China, signals not only our commitment but our progress in increasing investments in people, technology, and wealth capabilities over the next few years, said Greg Hingston, HSBC’s APAC head of wealth and personal banking, in a statement.

    This will be central to our ambitions to become the leading wealth manager in Asia.

    While accelerating its global overhaul which includes 35,000 job cuts, the bank continues to hire in the region, most notably for its China business.

    Since 2017, the bank hired 800 people for its wealth management business and opened six Jade Centers – its affluent segment – since the start of 2019. Earlier this year, the bank also reportedly said it had also planned to add another 500 to its private banking and wealth management business by 2022 with a focus on Hong Kong and Singapore.

    HSBC maintains its expansion plans for its newly merged retail and private banking unit despite increasing political uncertainty including, most notably, the British bank’s involvement in the Huawei scandal and its public support for the controversial national security law in Hong Kong.

    On the former, HSBC faces increasingly intense pressures in the mainland over its involvement which most recently included allegations that it feigned ignorance about Huawei’s dealings and even suggested that it took unnecessary risks that resulted in U.S. detection. State-backed media Global Times claimed last month that the bank’s resumption of planned job cuts may mark the beginning of the end for the embattled British bank in China, citing an unnamed Beijing observer that suggested it could be pushed out of the mainland market over the legal scandal.

    In the first half, pre-tax profits at HSBC plunged 65 percent to reach $4.32 billion missing analyst estimates of $5.67 billion. Although its China business posted $1.5 billion of pre-tax profits, the wealth and personal banking business in the country registered a $26 million loss.

  • StanChart’s Asia Human Capital Rejig

    StanChart’s Asia Human Capital Rejig

    Standard Chartered in Asia has been rejigging its mix of employees in recent years with a focus on upping headcount in certain markets while increasing digital penetration in others. Since 2018, Standard Chartered has steadily increased its number of employees in Singapore by 1,200 to reach 10,000 while maintaining its global headcount relatively stable at around 85,000 (85,389 as of June 30 this year).

    And the bank could be set to further expand its physical presence after it was awarded by the Monetary Authority of Singapore (MAS) earlier today with the city-state’s first Significantly Rooted Foreign Bank» (SRFB) status which qualifies it for additional privileges.

    Under the SRFB status, Standard Chartered will now be allowed to set up to 50 place of businesses (POBs), of which up to 35 can be branches, according to a statement. The MAS will also enhance the SRFB framework so that future businesses that substantially exceed the criteria for significant rootedness in Singapore will be allowed additional privileges including the ability to establish a separate subsidiary to develop alternative business models.

    We are honored to be awarded the SRFB status by the MAS, said Standard Chartered Singapore CEO Patrick Lee in a separate statement. We see Singapore as a key market and are fully committed to future investments. We are also aligned with the government’s and the MAS’s strategy to grow Singapore’s stature as a global financial services hub, with leading and differentiated value-added areas of expertise.

    The bank noted that it was a «key employer» in Singapore’s financial industry and quantity aside, it highlighted a qualitative focus and commitment to growing «future-ready talent.

    Of the new jobs added, more than 1,200 roles are allocated to future growth areas including digital banking, international banking, cloud technology, artificial intelligence (AI) architect, and API development.

    The bank will also invest another S$5 million to boost talent development and reselling efforts to support employees as the job market continues to undergo disruption in addition to ongoing participation in industry initiatives.

    Standard Chartered’s roots in Singapore trace back over 160 years when it set up its first branch in 1859 under its former name, Chartered Bank of India, Australia and China.

    Since then, it has steadily built its presence in before becoming the first and only global bank to incorporate all its businesses in the city-state and adopt it as its global operational and innovation headquarters. It is also home to a significant portion of its management team and an $80 billion balance sheet backed by $6 billion of capital – also the largest amongst any foreign banking subsidiary.

    In contrast, Standard Chartered has maintained a relatively stable headcount of 600 in Hong Kong, according to its chief executive for the city, Mary Huen Wai-yi. Hong Kong has been faced with political uncertainty, further intensified by the recent enactment of the national security law which Standard Chartered, alongside HSBC, has publicly supported as means to inspire calm and stability.

    We are convinced that more collaboration – not less – is the best way to find a sustainable equilibrium in these complex situations, but we do not expect an easy or quick resolution, said Standard Chartered group chairman José Viñals in a statement from its first-half results, which saw global profits sink 33 percent.

    We do believe, however, that Hong Kong will continue to play a key role as an international financial hub and we are fully committed to contributing to its continued success,” he added.

    Within the Greater China business, Standard Chartered is set to significantly rejig its regional mix of employees with Hong Kong again set to make up an even smaller share. The bank recently announced its intention to set up a Greater Bay Area center, ready for operations this quarter, in Guangzhou with $40 million in investments and plans to grow headcount to 1,600 by the end of 2023.

    The Greater Bay Area is a core area of focus for Standard Chartered, and we’re using our talent, technology and deep client knowledge to develop innovative new products and services to support the GBA initiative, Standard Chartered CEO Bill Winters said earlier this month.

    The launch of our new Greater Bay Area Center is a shining example of us bringing together our strength and expertise in the Belt & Road initiative, yuan internationalization and wealth management, to provide seamless cross-boundary banking services for individuals and corporate clients in the region.

    Although Hong Kong employees’ share of regional or global headcount could be set to fall, the bank has other plans to strategically cover the market without adding bodies.

    The bank is readying for an official launch of its licensed virtual bank in the city – jointly owned by telecom firms PCCW and Hong Kong Telecom, and online travel agency trip.com – as one of eight players approved to enter the digital lending market. It is now undergoing a trial to obtain feedback from select customers before rolling out to the wider public.

    Interestingly, Hong Kong and Singapore were previously both suggested as potential headquarters for Standard Chartered which is based in London but generates nearly all of its profits from emerging markets.

  • HSBC’s First-Half Profit Dive Misses Analyst Forecasts

    HSBC’s First-Half Profit Dive Misses Analyst Forecasts

    HSBC’s pre-tax profits plummeted in the first half by 65 percent year-on-year as the Asia-focused lender further boosted loan loss provisions to ready for more headwinds. HSBC registered $4.32 billion in pre-tax profits compared to $12.41 billion in the same period last year and analyst forecasts of $5.67 billion, according to compilations made by the bank.

    Given the current high degree of uncertainty, we are continuing to monitor closely the implications on our business plan and medium-term financial targets, while also undertaking a review of our future dividend policy, HSBC’s chief executive Noel Quinn said in a statement.

    The bank also expected total credit impairment provisions for the year to reach between $8 billion and $13 billion, higher than previous forecasts. Provisions reached $6.9 billion in the first half after the bank said aside $3 billion in the first quarter, compared to just $1 billion in the first half of 2019.

    The bank also warned of expected damage to its core capital ratio as worsening credit ratings impact its risk-weighted asset ratio.

    Financial and economic headwinds aside, HSBC also highlighted the risk of rising U.S.-China tensions heightened by the national security law and the Hong Kong Autonomy Act.

    Like our clients, HSBC has to operate in a difficult geopolitical environment. Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint, Quin added.

    However, the need for a bank capable of bridging the economies of east and west is acute, and we are well placed to fulfill this role. We will face any political challenges that arise with a focus on the long-term needs of our customers and the best interests of our investors.

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