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

Following my previous post: https://www.linkedin.com/posts/angela-chan-20287b19b_how-will-hong-kongs-private-banking-market-activity-6679661344867913728-DaWl Also, we do expect high net worth (HNW) PB clients to move assets from Hong Kong to Singapore- both individuals and corporations. They may set up offshore accounts, but they can still manage assets from Hong Kong, even if they may not put all their money in Hong Kong. The assets could be diversified into different financial instruments like USD (instead of HKD) and in certain markets of choice. These funds could be mobilized for investment in the UK property markets, US equities, European bond markets depending on the risk appetite and objective of such HNWs. Although people say that this shift is currently because of the national security law and ensuing protests, lots of HNWs would also be operating from a sense of using private banking services to better allocate their investments instead of simply leaving that money in their bank accounts especially during this phase. The PB services would still be of value for wealth planning, tax planning, international diversification of investment portfolio. That would actually motivate HNWs to use more of PB services. However, we do acknowledge that this money moving out of Hong Kong to be invested by US and UK private bankers instead of Hong Kong private bankers would certainly pose a challenging issue to be addressed with urgency.

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