HK Banks

Guangzhou Yue Xiu makes HK bank move

Hong Kong and southern China’s financial systems look set to become more interwoven after the bid for Chong Hing, one of Hong Kong’s last independently run banks.
Mainland Chinese banks have been expanding aggressively in Hong Kong since about 2000.
Mainland Chinese banks have been expanding aggressively in Hong Kong since about 2000.
October 27, 2013

Guangzhou Yue Xiu Holdings has made an offer for Chong Hing, Hong Kong’s smallest family-run bank, the latest state-owned Chinese firm to pile into Hong Kong’s already overcrowded banking sector.

Chong Hing’s controlling shareholders have already accepted the offer, made on Friday, and the concerns of Hong Kong’s banking regulator about a firm with no previous banking experience running one of its lenders have already been allayed, according to a person familiar with the deal.

Mainland Chinese banks have been expanding aggressively in the financial hub since about 2000. Six of the top 10 Chinese banks in Hong Kong expanded their balance sheets by double-digit percentage points...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222