2388.HK - BOC Hong Kong (Holdings) Limited

HKSE - HKSE Delayed Price. Currency in HKD
26.100
0.000 (0.00%)
At close: 4:08PM HKT
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Previous Close26.100
Open26.150
Bid26.100 x 0
Ask26.150 x 0
Day's Range26.000 - 26.250
52 Week Range25.050 - 35.900
Volume12,409,716
Avg. Volume10,514,710
Market Cap275.95B
Beta (3Y Monthly)1.38
PE Ratio (TTM)8.62
EPS (TTM)3.027
Earnings DateOct 30, 2019
Forward Dividend & Yield1.47 (5.54%)
Ex-Dividend Date2019-09-17
1y Target Est41.00
  • Should You Buy BOC Hong Kong (Holdings) Limited (HKG:2388) For Its Dividend?
    Simply Wall St.

    Should You Buy BOC Hong Kong (Holdings) Limited (HKG:2388) For Its Dividend?

    Could BOC Hong Kong (Holdings) Limited (HKG:2388) be an attractive dividend share to own for the long haul? Investors...

  • South China Morning Post

    From email alerts to working from home, financial companies are implementing contingency plans as protests rage in Hong Kong

    Financial companies, among the most important drivers of Hong Kong's economy, are ramping up security, temporarily closing branches and allowing staff to work from home as the city endures one of the worst political crises in its history.They are also alerting workers to changing traffic conditions and potential conflict points by email as anti-government protests that disrupt transit and daily life in the city enter a fifth month. Radical demonstrators have been targeting businesses with mainland-China ties " and in some cases mainlanders themselves.But there is only so much you can do once employees leave the building, financial providers said.The long holiday weekend that culminated on Monday, October 7, was marked by some of the most violent clashes so far after Hong Kong's government invoked a colonial-era emergency law to ban the wearing of face masks at public assemblies. Hard-core protesters vandalised MTR stations and mainland-associated businesses, including several Chinese bank branches. Hong Kong may have lost US$4 billion to Singapore during protests: reportAs work resumed last week, a dozen bank branches were closed and more than 300 automated teller machines, roughly 10 per cent of the cash points scattered throughout the city, had been damaged and were not operational."Our priorities are the safety of our employees and support of our customers' financial needs," an HSBC spokeswoman said. "Our colleagues always have the option of flexible work arrangements."All of HSBC's branches were open last week, but the bank closed branches ahead of planned demonstrations on October 5 and has lowered a security grate that restricts pedestrian access at its main building in Central at various points throughout the unrest.The protests began in June over a controversial extradition bill that would have made it easier to send criminal suspects to mainland China for trial, but have morphed into a larger discussion about income inequality, affordable housing and the growing influence of Beijing over Hong Kong. The bill was formally withdrawn in September, but that has done little to stem increasingly violent clashes between more radical protesters and police. After 79 days, protests hit Hong Kong economy worse than OccupyOn the weekend of October 5 and 6, most of the city's shopping malls closed and many Chinese banks shut branches and restricted access to their ATMs as the machines have increasingly become a target of vandalism. Several grocery store chains and 7-Elevens also closed on that Saturday.The MTR, which has been a frequent target for vandalism during the demonstrations, closed nearly all of its network over that weekend and shut early every night of the next week to facilitate repairs.With the disruptions stretching into workdays in recent weeks after primarily being restricted to weekends, HSBC, Standard Chartered and other banks said they were allowing employees to work remotely as needed."Safety of all our staff is our priority. We have a robust business continuity plan in place. In view of the current situation, we would provide flexibility to our staff's work arrangement and allow them to work from home if feasible," a Standard Chartered spokeswoman said. "At the moment, all our bank branches are open and provide services to our clients as usual."On Friday, October 4, a JP Morgan employee was punched outside the company's offices at Chater House in Central after responding to protesters with "We are all Chinese" in Mandarin. The employee did not appear to be targeted because he worked for a global bank. Bloomberg reported that the incident prompted JP Morgan to increase security at its Hong Kong offices and warned employees to avoid its Central offices over the weekend.JP Morgan declined to comment when contacted by the Post."The safety of all our employees is our top priority and we have a number of ways we are ensuring this and we continue to monitor and respond with staff updates as needed," a Citigroup spokesman said.There were 237,018 people working in the finance and insurance sector, about 7.8 per cent of the overall workforce in Hong Kong, as of the end of the second quarter, according to the most recent sector data available from the city's Census and Statistics Department. It was unclear, however, how many were employed by mainland-owned companies as many Chinese firms do not provide a breakdown of their Hong Kong workforce. Rising corporate debt could spell trouble for Asia's banks, Moody's says"We have reminded our staff to stay alert, and keep away from dangerous areas," Max Yu, senior deputy chief strategy officer of China Resources Group, said on the sidelines of a Greater Bay Area forum in Hong Kong on Thursday.China Resources, a state-owned conglomerate based in Hong Kong with businesses ranging from finance to consumer products and property, has more than 6,000 employees in the city, with 90 per cent of them being Hongkongers.Given businesses and individuals with mainland ties have been targeted, Yu said he encouraged employees to try to avoid clashes with protesters."No need to challenge irrational people. It does not help resolving the conflict, but will make it worse," he said.Following the September 11 terrorist attacks in New York, many global banks have implemented additional security measures to keep track of and advise employees when there are dangerous situations in or around their offices, such as a building fire or terrorist incident. These can include requests for employees to check in with a company's global security centre.There is no indication that financial providers have implemented the more extreme measures in Hong Kong, such as mandatory check-ins, during the four months the protests have been happening. The worst clashes have occurred when most employees are not in the office.Financial providers, however, have been staying in contact with their employees with internal emails alerting them to changing conditions, such as transport network closures or potential sites of demonstrations."We've been providing our employees with detailed travel and security updates," a Goldman Sachs spokesman said.Banks have declined to elaborate on their overall security plans, but Bank of China Hong Kong, one of three banks authorised to print money in the city, said on Tuesday it had "activated its contingency plan" after several of its branches and ATMs were damaged by protesters. The Hong Kong arm was established in the city more than 100 years ago."Our customers' assets, information and all safe-deposit boxes remain safe upon evaluation," BOCHK said in a statement. "We would like to reiterate that the operation of the bank remains normal, with a strong financial position and ample liquidity."Societe Generale said it has "business continuity measures in place" to ensure the bank is able to operate and provide service to its clients."With this in mind, staff are informed of potential traffic disruptions, work from home when relevant, and reminded to take personal safety as a priority during their commute to the workplace," the spokesman said.Additional reporting by Xie Yu and Holly Chik.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • Reuters

    UPDATE 1-Mainland banks, pro-Beijing businesses caught in Hong Kong protest cross-hairs

    Hong Kong anti-government protesters are increasingly focusing their anger on mainland Chinese businesses and those with pro-Beijing links, daubing graffiti on store fronts and vandalising outlets in the heart of the financial centre. Protesters took aim at some of China's largest banks at the weekend, spray-painting anti-China slogans on shuttered branches and trashing ATM machines of outlets such as Bank of China's Hong unit, while nearby international counterparts such as Standard Chartered escaped untouched.

  • Hong Kong digital banks launch faces delay due to protests: sources
    Reuters

    Hong Kong digital banks launch faces delay due to protests: sources

    The launch of new online-only banks in Hong Kong is expected to be delayed in part due to anti-government protests in the city, people with direct knowledge of the matter said. Most of the eight newly licensed digital banks in Hong Kong, including joint ventures involving Standard Chartered and Bank of China Hong Kong, had aimed to begin operating before the end of 2019. Some of these so-called virtual banks had aimed to launch brand promotion campaigns as early as this month, but these plans have now been put off, the people said, on condition of anonymity give the sensitivity of the matter.

  • Thomson Reuters StreetEvents

    Edited Transcript of 2388.HK earnings conference call or presentation 30-Aug-19 9:00am GMT

    Half Year 2019 BOC Hong Kong Holdings Ltd Earnings Presentation

  • Cantonese opera features on new HK$100 banknotes launched by HSBC, Standard Chartered and Bank of China (Hong Kong) on Tuesday
    South China Morning Post

    Cantonese opera features on new HK$100 banknotes launched by HSBC, Standard Chartered and Bank of China (Hong Kong) on Tuesday

    The time-honoured traditions of Cantonese opera form the backdrop of a brand new set of HK$100 notes to be launched in Hong Kong on Tuesday.The city's note-issuing banks, HSBC, Standard Chartered and Bank of China (Hong Kong), have come up with their own designs to capture the spirit of the hugely popular ancient art form on the new-look banknotes.The notes, available at bank branches from Tuesday, bear characters and scenes evoking the celebrated musical stage shows, including a princess in a Chinese wedding gown and young lovers in a garden.Bank of China (Hong Kong)'s design features a single beautiful young lady in traditional opera costume. Photo: K. Y. Cheng alt=Bank of China (Hong Kong)'s design features a single beautiful young lady in traditional opera costume. Photo: K. Y. Cheng"Among the current series of banknote designs, I particularly like the HK$100 banknote because it features the Cantonese opera, which is a very traditional Hong Kong culture and popular performing art," said Norman Chan Tak-lam, chief executive of the Hong Kong Monetary Authority.In Hong Kong, it is the de facto central bank that decides security features of paper currency, but the three note-issuing banks came up with the designs.Chan hosted a launch ceremony for the new HK$100 banknotes, attended by the chief executives of the three lenders, at the Xiqu Centre in West Kowloon Centre. It featured a 20-minute live performance of Cantonese opera by local young artists.Romance featured heavily in the designs of the new banknotes.HSBC's note shows a couple of young lovers meeting in a Chinese garden, while Standard Chartered opted for a princess in a Chinese wedding gown with her new husband. BOCHK kept it simple, with a single beautiful young lady in traditional opera costume."Love stories are an important theme of many Cantonese operas, which is why we chose the young lovers as our theme," said Diana Cesar, chief executive of the Hong Kong office of HSBC, at the ceremony. Dispelling 5 common misconceptions about Cantonese opera"Cantonese opera continues to thrive in Hong Kong, attracting young people to learn and appreciate the art. This theme, beautifully captured in watercolour before being converted into engravings, expresses HSBC's connection with the Hong Kong community and our shared heritage."Standard Chartered's princess and husband are based on two young Hong Kong artists, according to Mary Huen Wai-yi, the bank's local chief executive."We want to show the spirit of the young artists. The show must go on, and we need young artists to continue the show," said Huen.BOCHK chose to focus on a single young lady as it wanted to show her beauty, said Yu Xin, senior art director of China Banknote Printing & Minting Corporation, who designed many of the bank's themed notes.The designer said the current banknotes have more security features than the ones in 2010.To celebrate its new HK$100 note, HSBC is launching an augmented reality filter in which the user's "selfie" photo taken on a smartphone is turned into a Cantonese Opera character.Cantonese opera was listed as an intangible cultural heritage of humanity by Unesco in 2009."This year marks the 10th anniversary of the Unesco inscription of Cantonese opera, making the launch of this banknote all the more meaningful," said Gao Yingxin, vice-chairman and chief executive of BOCHK.Forthcoming themes in the banknote series include butterflies which will adorn the HK$50 note and yam-cha " the tea and dim sum culture " that will appear on the HK$20. Both are due to be launched in early 2020.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • BOC Hong Kong (Holdings) Limited (HKG:2388): Is It A Smart Long Term Opportunity?
    Simply Wall St.

    BOC Hong Kong (Holdings) Limited (HKG:2388): Is It A Smart Long Term Opportunity?

    In December 2018, BOC Hong Kong (Holdings) Limited (HKG:2388) announced its earnings update. Overall, it seems that...

  • Is It Time To Consider Buying BOC Hong Kong (Holdings) Limited (HKG:2388)?
    Simply Wall St.

    Is It Time To Consider Buying BOC Hong Kong (Holdings) Limited (HKG:2388)?

    BOC Hong Kong (Holdings) Limited (HKG:2388) received a lot of attention from a substantial price movement on the SEHK...

  • Standard Chartered, Hang Seng Bank close branches as citywide strike, protests wreak chaos in Hong Kong
    South China Morning Post

    Standard Chartered, Hang Seng Bank close branches as citywide strike, protests wreak chaos in Hong Kong

    Seven of Hong Kong's biggest banks " including two note-issuing lenders " closed branches on Monday as strikes and protests brought large parts of the city to a standstill.HSBC Holdings said it had closed 10 of its branches at 2.30pm. Hang Seng Bank, a subsidiary of HSBC, said it had shut five branches for the whole day, while 15 more closed early, in the afternoon.Standard Chartered, one of the three banks that issue currency in Hong Kong, closed several branches in the afternoon, China Citic Bank International closed five out of its 30 branches, and Citibank closed two branches an hour earlier than usual.Singaporean lender DBS closed all of its branches in Hong Kong, saying it was for the safety of its staff.Most of the banks' closures were in areas including Tsuen Wan, Mong Kok, Tai Po and Admiralty.Meanwhile, ICBC Asia, the Hong Kong arm of Industrial and Commercial Bank of China, the country's largest lender, said on Monday evening it was shutting all its branches until further notice."We respect the decision of some staff if they decide to join the strike while we need to make sure the branch operation can continue," said Louisa Cheang, vice-chairman and chief executive of Hang Seng Bank."We have decided to close five small branches on Hong Kong Island for the whole day today to transfer manpower to support other branches. We also decided to close more branches in the afternoon for the safety concern of our staff. We will continue to monitor the situation."All three note-issuing banks in Hong Kong saw their shares fall to the lowest level in three months as a citywide strike disrupted travel and violent protests continued. At the same time, China's currency fell below a psychologically important level for the first time in a decade after its trade war with the US escalated again.Bank of China (Hong Kong) dropped 4.5 per cent on Monday morning to HK$27.8 before bouncing back to close at HK$28.1. Standard Chartered Bank went down 4 per cent to HK$62.3, and HSBC Holdings fell 1.8 per cent to HK$61. The wider Hang Seng Index dropped 2.9 per cent as strike action brought much of the city's transport network to a standstill.HSBC faced a double blow as its chief executive John Flint stepped down after just 18 months in office.Its subsidiary Hang Seng Bank plunged 4 per cent in the morning, also to a three-month low, to finish the morning at HK$174. It recovered slightly to close the day 3.6 per cent lower at HK$174.9. In a results announcement on Monday morning it said its expected credit losses and impairment charges had doubled to HK$510 million in the first half of this year."Banks and all sectors went down because of the slide of yuan and the strike. If [the strikes] become routine, like the protests over the past two months, it will be destructive," said Louis Tse Ming-kwong, managing director of VC Asset Management."Chief Executive Carrie Lam Cheng Yuet-ngor's speech on Monday morning provided no solution to Hong Kong's current crisis. These are all bad omen and led to the sharp fall of the market today."HSBC Group and BOCHK are the major mortgage providers in Hong Kong. The protests and strikes are going to hurt the property market in the medium term and hence may lead to more bad debts for banks." HSBC's CEO makes surprise departure as bank seeks different approachThe yuan on Monday morning fell below 7 against the US dollar for the first time in about 10 years, and just days after the US president threatened to impose a new 10 per cent tariff on US$300 billion worth of Chinese products from September 1.Shares of the big four state-owned Chinese banks all dropped to their lowest level in recent years on Monday morning. Bank of China fell 2.6 per cent to HK$3.05 while Agricultural Bank of China lost 2.6 per cent to HK$3.02 " both down to their lowest since mid-2016.Industrial and Commercial Bank of China slid 2 per cent, while China Construction Bank lost 2.53 per cent, both trading at their lowest in two years. Bank of China Communications, another major mainland Chinese lender, lost 1.4 per cent to trade at a one-year low.Ivan Li, head of CSL Securities Research, said the yuan's weakness was a more important factor than the protests in Hong Kong as the former would have a bigger impact on banks and companies."It should be noted that the recent move by the US Fed to cut the interest rate would probably be bad for the banks' net interest margins," Li said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • South China Morning Post

    Hongkongers are reaping the benefits of virtual banks even before their launch. Here's how

    Hong Kong's first virtual banks are not expected to be operational for at least another month, but banking customers in the city are already reaping the benefits. For the first time in about two decades, eight of the special administrative region's largest banks will no longer charge fees for failure to maintain a minimum monthly balance.HSBC, one of the city's three currency-issuing banks, kick started the movement and announced in June it would scrap the fees starting August 1. The award of eight virtual banking licences since March may have had something to do with the change of heart."HSBC needs to act now to persuade its millions of customers to stay on, or many of them may opt for joining the virtual banks, which do not charge a fee for small depositors," Ben Kwong Man-bun, director at brokerage KGI Asia, said at the time.Three million customers will be affected at HSBC, and its announcement was quickly matched by Standard Chartered Bank, Bank of China (Hong Kong), Hang Seng Bank, Bank of East Asia, Dah Sing Bank, ICAC Asia and Citibank.The minimum balance fees, introduced in 2001, allowed banks to recoup costs following a change in rules that let them freely compete for deposits and lending by offering different interest rates. The fee has long been criticised as a penalty on small but loyal depositors.Hong Kong virtual banks. SCMP Graphics alt=Hong Kong virtual banks. SCMP Graphics"I have paid the minimum balance fee from Day 1, when HSBC started charging me in 2001," David Wong, a white-collar professional, said. "As a small depositor, I had no choice but to pay the fee, as I needed the banking services. I am happy to see the arrival of virtual banks has forced the big players to scrap it."Millions of small depositors like Wong have had to pay for basic banking services over the past about two decades, with fees ranging from HK$50 (US$6.4) to HK$100 a month if their bank balance falls below HK$5,000-10,000.Virtual banks, on the other hand, have been banned by the Hong Kong Monetary Authority from charging any such fees, a move that is expected to keep traditional players on their toes as they work to improve their services. Hong Kong hands out virtual bank licences as city catches up with China, JapanThe scraping of minimum balance fees is also a "credit negative" for traditional banks, as it reduces their revenue and profit, according to Sonny Hsu, vice-president and senior credit officer at Moody's Investors Service. According to a Moody's estimate, the removal will reduce HSBC's annual net profit by less than 1 per cent.Anil Agarwal, equity analyst at Morgan Stanley, said in a research report: "The recent move by HSBC to waive off minimum balances indicates upcoming pressure. Cost pressure should start soon, as these entities are hiring staff for new businesses, which should cause wage and cost inflation."Hong Kong banks have large revenue and profit pools, at about US$45 billion and about US$25 billion, respectively. The competition will rise for liabilities and, hence, revenues."This makes Hong Kong one of the largest profit pools for banks globally. But, as a result [of the virtual banking licences], that pool is in the sights of global technology players as a market open to disruption and taking away a share of revenues," he said.But the strategy of scraping minimum balance fees seems to be working " Wong said he would stay with HSBC. "Without the minimum balance fee, it seems there is not much difference between traditional banks' digital banking services and virtual banks," he said.The virtual banks are expected to start operations six to nine months after receiving their licences, which translates as between September and January, although they could ask for more time to build up systems and management.There are no restrictions on loan and deposit amounts, or the interest rates offered, by these lenders. But the monetary authority does restrict them from using predatory pricing tactics and other aggressive methods to grow their market share.The cost of running a bank branch in Hong Kong " the most expensive property market in the world " can amount to HK$1 million a month in wages and rent. Hong Kong issues four more virtual bank licences to spur innovationThis makes loans below HK$200,000 unprofitable, according to a veteran banker. This is why small depositors and small and medium-sized companies do not seem to enjoy good banking services, as banks tend to focus on big-ticket clients.Virtual banks, on the other hand, cannot have bricks-and-mortar branches, and must use apps, the internet and ATMs to service customers. Their reliance on technology is, therefore, key to cutting costs and keeping smaller loans profitable.Norman Chan Tak-lam, retiring chief executive of the HKMA, the city's de facto central bank, has said virtual banks are a key component of Hong Kong's smart banking push, and that they will facilitate financial innovation as well as enhanced customer experience and inclusion.Image of the Central Business District of Hong Kong showing the International Finance Centre (IFC) (centre back); Standard Chartered Bank Building (second from right); and HSBC Headquarters Building (fsr right) in Central. Photo: Roy Issa alt=Image of the Central Business District of Hong Kong showing the International Finance Centre (IFC) (centre back); Standard Chartered Bank Building (second from right); and HSBC Headquarters Building (fsr right) in Central. Photo: Roy IssaYat Siu, the Hong Kong-based co-founder and chairman of Australia-listed gaming developer Animoca Brands, said he would use virtual banking services."As an entrepreneurial group of companies, we regularly set up new businesses, and each of these requires a new bank account. Recently, we have seen significant delays in the account opening process, which impacts our business efficiency," Siu said.Virtual banks, with their emphasis on individuals and SMEs, should offer some respite.Michael Wang Lan, the chief executive of Bank of China (Hong Kong)-led virtual banking joint venture Livi, said the lender will offer quick approvals as well as new solutions that will make it easier for small business owners to manage finances and grow their business. He said loan approvals would take minutes as the bank will not require paperwork.Simon Loong, the co-founder and chief executive of home-grown Hong Kong fintech unicorn WeLab, said: "[We] will initially focus on individual customers, which is aligned with the HKMA's objective of financial inclusion for the retail segment."Set up in Hong Kong as a moneylender six years ago, WeLab now has 38 million customers in the city, mainland China as well as Indonesia.Tencent-backed Fusion Bank will start by providing banking services such as remote account opening, deposits, loans, remittance and other core services. It will target the general public and SME clients.Exterior of Hang Seng Bank headquarters building in Central. Photo: David Wong alt=Exterior of Hang Seng Bank headquarters building in Central. Photo: David WongThe virtual banks, much like traditional lenders, will have to meet anti-money laundering and other compliance regulations. WeLab's Loong said the banks could comply with the law by adopting new technology to control risks.They will also have to offer higher interest rates on deposits and lower costs of lending to compete, said James Lloyd, partner and Asia-Pacific financial technology Leader at EY."[The] overseas experience has shown that customers, whether individuals or small businesses, will be the real winners with the emergence of digital-only banks. The use of best-in-class technology will improve processes across the bank " helping to speed up loan approvals, for example, as well as account opening processes," he said.Moody's Hsu said the average net interest margin of all banks in Hong Kong stood at 1.6 per cent as of the end of last year. He said he believed the competition offered by virtual banks, together with a cut in interest rates from August 1, will narrow interest margins further. Fintech unicorn WeLab bags Hong Kong's fourth virtual bank licenceBut it will be hard for any virtual bank to become the next HSBC any time soon. According to a report by credit-rating agency Fitch Ratings: "The granting of virtual bank licences would introduce more competition, but it is unlikely to be a significant game-changer for the local incumbents that have been operating in this competitive landscape for many years."Hong Kong's virtual banks, on average, will have about HK$1.9 billion in initial capital each. HSBC, on the other hand, has assets worth US$2.55 trillion.EY's Lloyd said: "Most Hong Kong people have bank accounts already, and often have multiple credit cards. They may like to open an account at one or more of the virtual banks to enjoy higher interest rates, or other incentives offered by these newcomers."They might not use the virtual banks as their primary or payroll account provider from Day 1, but this could certainly change over time as customer loyalty increases."Michael Wang Lan, the chief executive of Livi, a virtual bank backed by Bank of China (Hong Kong), says loan approvals will take minutes as the lender will not require paperwork. Photo: K Y Cheng alt=Michael Wang Lan, the chief executive of Livi, a virtual bank backed by Bank of China (Hong Kong), says loan approvals will take minutes as the lender will not require paperwork. Photo: K Y ChengAmong the challenges virtual banks will face, perhaps the toughest will be the regulation of use and protection of personal data.Paul Chen, US partner at law firm Mayer Brown based in San Francisco and Silicon Valley, said lenders that use artificial intelligence and "robo advisers" to market and sell financial products will need to ensure such advice is suitable for individual customers, and that customers' data is used in an appropriate manner.Virtual banks will also find that traditional lenders are working towards similar goals."HSBC is already a digital bank. Currently, over 80 per cent of our Hong Kong retail banking transactions occur over digital channels such as mobile, online banking, as well as PayMe," said Diana Cesar, chief executive of the bank's Hong Kong office.Citibank did not apply for a virtual banking licence, as it offers "all types of online banking services that a virtual bank can offer", said Angel Ng Yin-yee, its Hong Kong and Macau chief executive. "Plus, Citi can offer services at our branches that virtual banks cannot." Hong Kong virtual bank key as Standard Chartered targets improved returnsRecruitment could be another challenge, as traditional lenders are home to veteran bankers."Big traditional banks are hiring digital staff to upgrade their digital banking services to prepare for the coming of virtual banks. The virtual banks can capture the payment, or other smaller scales of financing from traditional banks.However, customers are likely to stick to traditional banks for wealth management services, or big corporate deals," said Robert Knight, managing partner of international headhunter DHR."The simple reason is trust. If big traditional banks offer the same services as the virtual banks, customers are likely to stick to the digital banks of the big traditional lenders," Knight added.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2019 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2019. South China Morning Post Publishers Ltd. All rights reserved.

  • The BOC Hong Kong (Holdings) (HKG:2388) Share Price Is Up 35% And Shareholders Are Holding On
    Simply Wall St.

    The BOC Hong Kong (Holdings) (HKG:2388) Share Price Is Up 35% And Shareholders Are Holding On

    BOC Hong Kong (Holdings) Limited (HKG:2388) shareholders might be concerned after seeing the share price drop 12% in...

  • BOC Hong Kong (Holdings) Limited (HKG:2388): What's The Analyst Consensus Outlook?
    Simply Wall St.

    BOC Hong Kong (Holdings) Limited (HKG:2388): What's The Analyst Consensus Outlook?

    BOC Hong Kong (Holdings) Limited's (HKG:2388) most recent earnings update in December 2018 confirmed that the business...

  • Reuters

    Hong Kong stocks end higher as trade optimism boosts sentiment

    * Hang Seng index up 0.83 pct HSCE rises 0.13 pct HSI financial sub-index 1.3 pct higher; property up 0.9 pct HONG KONG, May 2 (Reuters) - Hong Kong stocks closed firmer on Thursday as investors cheered ...

  • Reuters

    BRIEF-BOC Hong Kong Holdings Says Chen Siqing Resigns As Chairman

    April 29 (Reuters) - BOC Hong Kong Holdings Ltd: * CHEN SIQING RESIGNED AS CHAIRMAN Source text for Eikon: Further company coverage:

  • Reuters

    BRIEF-BOC Hong Kong Posts Qtrly Operating Profit Before Impairment Allowances Of HK$10,928 Mln

    April 29 (Reuters) - BOC Hong Kong Holdings Ltd: * QTRLY NET OPERATING INCOME BEFORE IMPAIRMENT ALLOWANCES HK$14,502 MILLION VERSUS HK$13,839 MILLION * Q1 OPERATING PROFIT BEFORE IMPAIRMENT ALLOWANCES ...

  • Why BOC Hong Kong (Holdings) Limited’s (HKG:2388) Risk Control Makes It Attractive
    Simply Wall St.

    Why BOC Hong Kong (Holdings) Limited’s (HKG:2388) Risk Control Makes It Attractive

    As a HK$374b market capitalisation bank, BOC Hong Kong (Holdings) Limited (HKG:2388) is well-positioned to benefit from the improving credit quality as a result of post-GFC recovery. Growth stimulates demand for loans and impacts a...

  • Reuters

    Asia's tech champions zero in on main street banking

    Asia's internet firms are challenging the region's traditional banks for consumer finances, tapping their massive user networks for business and following a trail blazed in China by tech giants Alibaba and Tencent. The push into banking by companies better known for their messaging apps, cute emojis and online holiday bookings comes as regulators across Asia open up their banking sectors to a new breed of digital players.

  • Reuters

    WeLab gets Hong Kong's fourth online-only banking licence

    WeLab Digital Limited was awarded Hong Kong's fourth online-only banking licence on Wednesday, the Hong Kong Monetary Authority said in a statement, giving the fintech company access to a lucrative retail banking market in the Asian financial hub. WeLab is a fintech company that offers mobile lending services primarily in Hong Kong and mainland China. The HKMA had previously granted virtual banking licences to joint ventures of Standard Chartered and BOC Hong Kong as well as to a subsidiary of ZhongAn Technologies International Group, the international arm of Chinese online insurer ZhongAn Online P&C Insurance.

  • Thomson Reuters StreetEvents

    Edited Transcript of 2388.HK earnings conference call or presentation 29-Mar-19 9:00am GMT

    Full Year 2018 BOC Hong Kong Holdings Ltd Earnings Presentation

  • Reuters

    BRIEF-BOC Hong Kong Holdings Updates On Proposed Capital Injection Into BOC Consumer Finance Co

    April 3 (Reuters) - BOC Hong Kong Holdings Ltd: * UPDATES ON PROPOSED CAPITAL INJECTION BY BOC CREDIT CARD (INTERNATIONAL) INTO BOC CONSUMER FINANCE CO * TOTAL CONSIDERATION PAYABLE BY BOCCC FOR AMENDED ...

  • Reuters

    BRIEF-BOC Hong Kong Holdings Says FY Profit Attributable HK$32,000 Million

    March 29 (Reuters) - BOC Hong Kong Holdings Ltd: * BOC HONG KONG HOLDINGS LTD - FY PROFIT ATTRIBUTABLE HK$32,000 MILLION VERSUS HK$28,574 MILLION * BOC HONG KONG HOLDINGS LTD- FY NET OPERATING INCOME BEFORE ...

  • What Type Of Shareholder Owns BOC Hong Kong (Holdings) Limited's (HKG:2388)?
    Simply Wall St.

    What Type Of Shareholder Owns BOC Hong Kong (Holdings) Limited's (HKG:2388)?

    Want to participate in a research study? Help shape the future of investing tools and earn a $60 gift card! If you want to know who really controls BOC Hong Kong (Holdings) Limited (HKG:2388), then you'll have to look at the makeup o...

  • Reuters

    Corrected: HK heralds online banking era with StanChart JV, two others as new entrants

    Hong Kong has issued online-only banking licences to three groups, including joint ventures (JVs) of Standard Chartered and BOC Hong Kong, in what could be the biggest shake-up in years in the city's retail banking sector dominated by old-guard lenders. The licence will give holders access to a lucrative retail banking market in the Asian financial hub, where many consumers are unhappy with the current options.

  • Reuters

    UPDATE 4-HK heralds online banking era with StanChart JV, two others as new entrants

    Hong Kong has issued online-only banking licences to three groups, including joint ventures (JVs) of Standard Chartered and BOC Hong Kong, in what could be the biggest shake-up in years in the city's retail banking sector dominated by old-guard lenders.