After several months of social and political unrest, many of Hong Kong’s rich are opening offshore accounts as a contingency plan.
Top bankers gathered in Beijing, China for the New Economy Forum from Nov 20-22 to discuss “actionable solutions on a variety of topics including global governance, trade, technology, finance and capital markets, climate, urbanization and inclusion.”
Singapore is reportedly the top destination for Hong Kong’s millionaires eyeing an exit strategy in case the unrest is not settled or worsens in the coming months.
“We’ve seen clients open accounts in Singapore, Malaysia and Taiwan, in that order,” Standard Chartered CEO Bill Winters as quoted in a report by Bloomberg.
Sergio Ermotti, CEO of UBS Group AG, stated that Hong Kong clients have increasingly been “activating contingency plans” in the Swiss bank but assured that such diversification trends are “nothing new.”
Several Hong Kong bankers are considering overseas markets to find new jobs as well following the detainment of a Citigroup Inc. investment banker and the assault on a JPMorgan Chase & Co. employee in the previous months.
David Solomon, CEO of Goldman Sachs Group Inc., said that it is important for Hong Kong and China to find resolutions to the unrest considering Hong Kong’s status as a “very important financial center across the Asia-Pacific region.”/TISG