Hong Kong

HSBC has completed a mandatory tender offer for the remaining 10.11 percent of the Bank Ekonomi shares held by the general public.

Fubon Bank and its subsidiaries reported a net profit of US$13 million for the first six months ended 30 June 2009. The global financial crisis and the ensuing recession that emerged from the fourth quarter of 2008 continued to weigh heavily on Hong Kong's economy and had negatively impacted on the Bank's earnings.

HSBC Chairman Stephen Green says the bank has passed the bottom in the cycle in financial markets as the bank saw net income fall over 50 percent to $3.35 billion.

And it never ends. Just a week after major banks announced they would make good on some Lehman mini bond losses, it has emerged that a 77-year-old lady lost $32 million buying products from a couple of UBS Private Bankers.

A dual currency co-branded credit card which uses both RMB and HKD as the settlement currencies is now available in Hong Kong.

HSBC increased its SME loan fund by US$516 million to US$2.064 billion, to accommodate applications of Hong Kong's loan schemes.

The Hongkong and Shanghai Banking Corporation Limited has appointed Iain J Mackay, 47, as its new Chief Financial Officer, effective 1 September 2009. He succeeds Edgar Ancona, 57, who will take up Mr Mackay’s position as CFO of HSBC’s North American operations. Both these appointments are subject to remaining internal approvals.

Standard Chartered Bank Hong Kong has completed the first cross-border trade settlement transactions in RMB. This is following the official signing of the pilot programme with Bank of China Shanghai and Bank of China Hong Kong.

Bank of China HK Limited conducted the first RMB remittance transaction in Hong Kong, which was made for the Shanghai Electric Hong Kong Co. Ltd.

Hang Seng Bank signed an agreement with Bank of China (Hong Kong) on renminbi settlement and clearing services for cross-border trade.

HSBC, in cooperation with Bank of Communications or BoCom, became the first foreign bank to settle a cross-border trade in renminbi.

The Standard Chartered Bank Hong Kong signed the agreement for the implementation of Renminbi cross-border trade settlement pilot scheme with Bank of China.

Hong Kong banks will encourage customers engaged in trade between Hong Kong and Mainland China to settle trade transactions in renminbi.

BEA has concluded a series of business cooperation agreements with Criteria CaixaCorp and Caja de Ahorros y Pensiones de Barcelona.

HSBC is adding US$516 million to its SME loan fund in Hong Kong, the second increase this year, for a total of US$1.548 billion in lending since December 2008.

BEA reported the existence of the fraudulent website to the Hong Kong Police and the Hong Kong Monetary Authority.