Protests in Hong Kong – Swiss banks do not want to Beijing not to upset the Silence in the case of UBS, Credit Suisse and Julius Baer: The riots to the new security law for Hong Kong is a sensitive issue for local financial houses. Holger Alich3 Kommentare3China wants to strengthen control over Hong Kong and its citizens. Photo: Tyrone Siu (Reuters)
In Switzerland, the unrest in Hong Kong is only a little consternation. As of the beginning of the Corona-crisis in Wuhan, the events seem to be far in Hong Kong way. But what’s going on in the former British crown colony, also applies in Switzerland: the local banks the financial centre of Hong Kong is an important hub for North Asia.
Alone in the UBS employees in Hong Kong, with around 2500 employees, when Credit Suisse is around 2000. To power thanks to the rise of China an economic world, Hong Kong is, after Switzerland, the second largest financial center in the cross-border administration of assets.
China is now trying to get with a new safety law, the coastal city with its rebellious population under control. China wants to re-make separatism or Subversion of the authority of the state under penalty. The concern triggers, the principle of “one state, two systems” was in danger.
in fact, the Bank Manager reports that some customers have transferred funds recently to Singapore. “Singapore is expected to gain market share,” says a Manager. A mass Exodus is not observed.
banks take no position on
The prevailing opinion in the industry is, therefore, that Hong Kong’s future is not endangered as a financial centre so far. For one simple reason: “China is no interest to damage the Finanzhub Hong Kong,” says a top Executive. Another adds: “The local business is by means of the Corona crisis more seriously affected by the new safety law.”
it is Interesting to note, furthermore, that the topic is so sensitive that UBS, Credit Suisse and Julius Baer, as well as other houses reject in unison to take on the question of Hong Kong position. In the case of a Bank already committed background interview was cancelled at short notice. No one wants to ruin it for themselves with the rulers in Beijing.
As UBS and Credit Suisse were allowed to take only recently, the majority of broker companies on the Chinese mainland. Both banks hope to see a good starting place, should China liberalize its own financial course.
Shanghai may. Hong Kong is not the water
the rich Until it is so far the music plays in the asset management in Hong Kong While in China, capital controls and the currency, Yuan is not freely convertible, customers and your financial adviser to switch out of Hong Kong freely, and exercise. And so far it is not known that the power of the commander-in Beijing, Hong Kong, this lifeline cut off.
Therefore, the country of the Chinese, the most important customer group in Hong Kong. Chinese companies do not have subsidiaries abroad, the profits flow back to China, but to remain abroad, to be able to have the money to invest let. In addition, Hong Kong attracts visitors with amenities – as capital gains, interest and dividends are tax-free for example. China is trying to promote their own financial centres such as Shanghai, but to date, you will not be able to submit Hong Kong the water.
“shows The history of The capital is coming to terms with the rulers.”
Some Bank managers Express the Thesis that increased security could be access in China at the end even good for the business. The less agitation, the better. “The history shows that The capital is coming to terms with the power brokers,” says a Banker.
The has supported the two British banking giants HSBC and Standard Chartered: Peter Wong, Asia head of HSBC, are currently showing examples of recently on an online platform, a Petition in favour of the controversial new security law. Also, Standard Chartered made a kowtow: “We hope that more clarity about the final law will allow a proposal from Hong Kong, to preserve economic and social stability,” said the big Bank, which refers to more than a quarter of their revenues from Hong Kong.
The dispute, such as Hong Kong to the all-powerful China is to ask, is across the Bank’s workforce: a call for closer links to Beijing, others want to insist on your rights of freedom. “There’s a tear in the company to do virtually,” says a Manager.
comments please Log in to comment