Financial Services
Process to return collateral to Lehman minibond customers expedited
Process to return collateral to Lehman minibond customers expedited
Customers in the 16 Lehman Brothers' Minibond distributing banks will recover much higher amounts of their initial investments.
HK Health Protection Scheme to give benefit to those who are least likely to take out insurance:Mercer
The healthy and able bodied, who will be needed to subsidize the HPS, have no clear incentive to voluntarily sign up.
Government granted $2.3mn in quake aid
A Disaster Relief Fund has been approved for two relief agencies to undertake aid projects for earthquake victims in Yunan Province and in Japan.
HSBC Global Asset Management announces senior appointments for institutional business
Patrice Conxicoeur and Julie Koo are appointed as Global Head of Isurance Coverage and Head of Institutional Business, Asia Pacific, respectively.
JP Morgan appoints Timothy Lee as Head of Treasury Services Hong Kong
In this new role, Lee will be reponsible for overall client experience.
Munich Re profit target of EUR2.4bn no longer achievable
Its claims payments for the devastating earthquake and tsunami in Japan will total some EUR1.5 billion.
Number of credit cards in circulation jumped to 15.5mn in 4Q 2010
This posed a 1.6% quarter-to-quarter increase and a 6.6% year-on-year increase.
Insurance gross premiums increased by 11.6% in 2010
Total gross premiums of the Hong Kong insurance industry in 2010 were $207.2 billion.
Julius Baer launches expanded RMB product range
The bank can now offer RMB conversion services, current and fixed deposit accounts, RMB-denominated unit trusts, currency linked investments and...
Munich Re achieves target profit for FY2010
Despite very low interest rates, Munich Re's 13.5 per cent return on risk-adjusted capital came very close to their target of 15 per cent.
Fubon Bank 2010 earnings increase by more than tenfold
The operating performance of Fubon Bank and its subsidiaries improved significantly, with full-year 2010 net profits of HK$266 million. The figure...
HSBC unveils 3 new business centres
The lender will invest HK$75mn to expand network in coming three years and additional 48,000 sq. ft floor space this year.
JP Morgan named Margaret Yao as Asia Pacific Regional Sales Executive
She will continue to be based in Hong Kong and will report to Tom DuCharme, Chief Executive Officer, Asia Pacific, Treasury & Securities Services.
Dah Sing Life to expand the critical illness insurance unit
The company, a wholly-owned subsidiary of Dah Sing Financial Holdings, assigns Chief Executive Officer Eleonore Chow to lead business expansion.
Central govt supports HK as offshore RMB center
The central government of China supports Hong Kong's efforts in building itself into an offshore RMB center.
MPFA explains relevant MPF information in leaflets
The MPFA has published three MPF leaflets to explain important details in relevant MPF documents. It includes the Fund Fact Sheet and Annual Benefit...
Each Hong Kong permanent resident to receive $6,000
75% reductions in salaries tax and tax under personal assessment, capped at $6,000, will also be given to each permanent adult.
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