HSBC Holdings has taken the unusual step of getting directly involved in pushing its Hong Kong subsidiary, Hang Seng Bank, to offload portfolios of bad real estate debt, underscoring growing concerns over the city’s struggling property sector. About two months ago, the lender directed its London-based global chief corporate credit officer and the head of…
The Hong Kong Monetary Authority (HKMA) is set to encourage more mainland banks to set up regional headquarters in the city, while the local bourse operator plans to enhance the listing regime, as the government aims to fortify Hong Kong’s position as an international financial centre, according to Chief Executive John Lee Ka-chiu. In his…
HSBC, Hong Kong’s biggest lender, received regulatory approval to set up a captive insurer, marking the latest step in the city’s development as a risk-management centre, the bank said on Friday. A captive insurer is one set up by its parent company to provide the parent and other companies in the group with insurance protection…