HSBC loses chief to rival: Au's departure widely seen as a blow to the group

Article Abstract:

Hang Seng Bank chief executive and vice chairman Alexander Au Siukee has vacated his post at Hang Seng Bank to assume the position of as an executive director of Standard Charter PLC. Industry observers speculate that the reason for Au Siukee's departure at Hang Seng is intimately tied with the decison of parent firm HSBC Holdings PLC and its Hong Kong main unit Hongkong Bank to exert more control over Hang Seng Bank's operations. Au Siukee is credited with revamping the image of Hang Seng Bank and increasing its competitiveness with other banks.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Officials and employees, Banks (Finance), Appointments, resignations and dismissals, HSBC Holdings PLC, Hang Seng Bank Ltd., Au Siukee, Alexander

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Home loans insulate banks in Hong Kong from crisis: institutions are cushioned by low default rate on mortgages amid tumbling property prices

Article Abstract:

The low default rate on home mortgages that account for a huge share of Hong Kong banks' loan portfolios has so far shielded the banks from financial crisis. Nevertheless, since November 1997, home prices have dropped 30% or more from their peaks in 1997. Home prices may continue to drop due to higher interest rates that protect the Hong Kong currency's peg to the US dollar.

Commercial Banks, Mortgage and Nonmortgage Loan Brokers, Consumer Mortgage Loans, Economic aspects, Recessions, Mortgages

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