HK's Protests Draws Queries From Private Bank Clients
Hong Kong's anti-extradition bill protests have drawn many inquiries from private bank clients about moving their accounts out of Hong Kong.
Hong Kong's protests in recent days have drawn concerns amongst some private banking clients. At one private bank event in Hong Kong yesterday, clients are exploring their options.
«A private banker whom I interacted with told me that there have been many inquiries from customers about shifting their assets/accounts to Singapore since Monday,» said a private banking client, who declined to be identified.
Uncertain and Chaotic
When asked to describe what they thought about the global investment outlook and choosing three-character words in Mandarin to express their sentiments, private banking clients surveyed chose «uncertainty» and «chaotic» in Mandarin during the event.
Another private bank client that finews.asia spoke concurred with the sentiments but is slightly more optimistic.
Hiccup For Hong Kong?
«Things are indeed getting out of hand, and we won’t know how these young people will react when/if the bill is passed, but the risks are likely short term. If you take a 12-month view you can see that it’s not the end of Hong Kong,» he said.
Even if the bill is passed it does not mean Hong Kong is not investible, he added. «So I see this more of a 'big' hiccup. I mean, the effects of Occupy Central was over in a few months.»
