, Hong Kong
Photo from Credit Suisse website

HK banking system 'resilient’ amidst the Credit Suisse fallout

HKMA and SFC are closely monitoring the situation.

Hong Kong’s Chief Executive John Lee assured that Hong Kong’s banking system is “resilient and properly regulated” in response to questions from reporters regarding UBS’ takeover of Credit Suisse.

The chief executive made this statement before the Executive Council meeting..

According to Lee, the size of the bank’s business and its assets under management in Hong Kong are “relatively small.” 

READ MORE: US banking fallout has little impact on APAC banks, but contagion risks linger

He added that the city’s banking sector is “operating smoothly and normally,” and the market liquidity remains abundant.

“Both the Hong Kong Monetary Authority and the Securities and Futures Commission are monitoring the situation closely. We will be managing the risks,” Lee said.

Lee also assured that the Credit Suisse fallout would not significantly affect Hong Kong and added that the adequacy and liquidity of its financial and banking sectors are “very healthy and abundant to be able to handle the pressure in the market.”

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