How will Hong Kong's Private Banking market be affected by the National Security Law?

As many corporations have come out to express their views on the contentious National Security Law, the future of private banking in HK has also come under the scanner.  HK competes fiercely with Singapore to defend its position as Asia's top wealth management destination, and the uncertainty brought in by the new law seems to threaten HK's position. While some banks came out expressing support for the law, firms like Nomura have expressed that they will seriously examine their Greater China strategy and scale of operations in HK, especially as they continue to expand in Singapore and China. Meanwhile HK-based hedge funds have been reported to consider moving out of the region, mirroring a sentiment shared by their US and UK counterparts.  In the backdrop of this, Bank of Singapore's greater China operations recently reported a 10% increase in their PB assets under management in the first quarter. However, it is understood that the situation is not altogether bleak. A recent survey reported how although 60% of the US companies felt that the national security law will hurt their HK business operations, a whopping 70% said that they had no plans to relocate. We’ll also analyse further how high net worth (HNW) PB clients will move/ allocate their assets and the future trend of PB services.  Like this if you would like to see the analysis or find this helpful!

We help university students like you to get into Investment Banking, Banking, Property/ Conglomerate and Advisory/ Consulting. Follow us on Instagram (ig: hkcareers) to know insider tips about grad job/ internship hunting. Visit hkcareers.hk to know more about the result-based career coaching program.