Hong Kong banking is an economic institution that accepts deposits, aims to use these deposits in various loan transactions in the most efficient way, or whose main subject of activities is to obtain or give loans on a regular basis.
About Hong Kong Banking
Hong Kong banking is the leading, pioneering, reliable bank that meets your needs with quality solutions. Licensed banks in Hong Kong offer current and savings accounts. They perform regular functions such as accepting deposits or receiving checks from customers. These banks have no restrictions on the value of deposits they can accept.
Restricted banks in Hong Kong are mainly engaged in capital markets and commercial banking activities. Hong Kong banking can accept deposits with a minimum maturity of $500,000. Deposit-taking companies are mostly owned or associated with banks in Hong Kong. These banks can take deposits of at least HK$100,000 with an original maturity of at least three months. They provide specialized services, including securities trading and consumer finance.
Best Hong Kong Banking Companies
· Hong Kong ve Shanghai Banking Corporation (HSBC)
HSBC is the largest of banks in Hong Kong. The bank serves 38 million customers through four global businesses.
· Bank of China (Hong Kong)Bank of China (Hong Kong) is the second largest bank in Hong Kong. The bank was established in 1917 and was restructured in 2001.
· Hang Seng Bank was founded in 1933. The bank provides retail banking, wealth management, commercial banking, treasury and private banking services.
· East Asian BankFounded in 1918, Bank of East Asia is the third largest hong kong banking in Hong Kong. Headquartered in the Central Region, the bank provides its customers with comprehensive corporate banking, personal banking and investment services.
Income List of Important Hong Kong Banks
To take a look at income list of hong kong banking is gonna help us to understand better about the power of these banks and how they become stronger.
· Hong Kong ve Shanghai Banking Corporation (HSBC)
In 2016, the bank’s total revenue was US$59,836 million and total US$2.375 billion.
· Bank Of China headquartered in the central and Western region, this spesific Hong Kong bankingemploys approximately 10,000 personnel. In 2016, the Bank reported total revenues of US$ 5,337 million and total US$ 297 billion.
· Hang Seng Bank employs approximately 10,000 people. 2016, the bank’s total revenue reached US$5.6 billion, total US$176.0 billion.
· Standard Chartered Bank employs approximately 6,000 staff. 2016 bank’s total income is 454 million US dollars, total assets are 122.57 billion US dollars.
· East Asian Bank as of 2016, it employs approximately 10,000 employees. Last year, the Hong Kong banking reported total revenues of US$1.8 billion and total of US$98.7 billion.
What Is Hong Kong Private Banking?
Hong Kong private banking is private banking is a type of banking that has various standards in itself, but which is generally not known from the outside, in fact, the depositor is a VIP. It is a service that offered to those who have savings of around 10-20 million.
In private Hong Kong banking first of all, there will be someone specially assigned to you. He or she is always a phone call away and helps you with everything among these are all kinds of well-known concierge services. Although not in every bank, a special security is allocated to you in banks with a ball, when you withdraw money, etc. You call and make a hong kong banking ordinance and send 100,000 TL in cash to this address, people feel really special. they spoil you well.
Hong Kong Banking Report 2020
Let’s take a look at hong kong banking report 2020 to have a better understanding at their business. Six digital banks have joined the Hong Kong Institute of Bankers as corporate members, according to a January 2020 press release. Hong Kong by providing training in cybersecurity and digital banking. In 2020, HKIB plans to expand talent exchange and launch industry initiatives to encourage professionals to participate in fintech training programs.
People’s Bank of China establishes a proof-of-concept for a transaction finance platform from Q1 2020 that connects two existing projects. On the other hand, the same month, the HKMA also announced that it is researching central bank digital currency applications. The Hong Kong banking project is being run with Hong Kong Interbank Clearing Ltd., three other banks, and Blockchain.
Hong Kong Banking and Crisis Management
Everything can happen any second in this crazy modern world there is no security that tomorrow nothing negative is going to happen. That’s why it’s always a good idea to take a look at how big companies deals with big changes. Hong Kong banking crisis had happened in 1997 but now they’re one of the biggest and the most successful companies in the world.
The basis of being successful in crisis management is to be able to successfully implement policies in terms of managerial and organizational aspects. Since there will be fluctuations in the economy, goods, services and production will directly lose value in the market. There will be a serious decrease in prices and quantities in the Hong Kong banking financial market. Three main features of the crisis need to be taken into account. These features are; threat, time and surprise. In the current situation, it is necessary to take quick decisions and manage it. Everyone in the Hong Kong banking from the lowest position to the highest position is negatively affected by this change.