HSBC, StanChart Eye $460 Million Fee Windfall on China Link
- Global banks ramp up hiring for wealth tie to Hong Kong
- Link to start slowly, with caps on investments, products
The proposal will open a northbound channel for Hong Kong and Macau residents to invest in onshore financial products and a southbound channel for eligible Chinese residents to invest offshore.
Photographer: Roy Liu/BloombergThis article is for subscribers only.
Global banks including HSBC Holdings Plc and Standard Chartered Plc are ramping up hiring to tap into China’s latest market opening -- a new investment link with Hong Kong that could yield almost $500 million a year in fees.
The investment scheme will allow bank customers in nine southern Chinese cities such as Shenzhen to invest across the border in Hong Kong and vice versa, further integrating the $1.7 trillion Greater Bay Area economy.