Hong Kong's biggest banks are set to cut fees, boost digital services and j...
In an acknowledgement of the looming competition, HSBC said in June it would waive fees on accounts without a certain minimum balance. The British bank said the move was to promote financial inclusion. StanChart, Hong Kong-based Bank of East Asia and others followed with similar moves.
HSBC made $3.4 billion in pre-tax profits from its Hong Kong retail banking and wealth management operations in the first half of this year, accounting for more than a quarter of the bank’s entire profits for the period. StanChart’s $1.9 billion first-half operating income in Hong Kong represented a quarter of its total operating income. The bank is leading a consortium that has won a virtual banking license.
Bank of East Asia declined to comment. The people declined to be identified as they were not allowed to discuss specific plans. The key threat, however, is that their lower overheads will enable them to offer sharply lower or zero-fee services, said the sources.
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