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| UK banking giant chooses Hong Kong for Asian expansion ( 26/02/2004 ) | |||||||||
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UK-based banking giant Barclays has selected Hong Kong as its regional hub for Asian expansion, taking advantage of an improving investment climate and economic growth.
Barclays says its new international and offshore banking operations in Hong Kong would target affluent investors and high net worth individuals all over Asia. Barclays International Banking director Philip Howell said the bank already had a good client base in Hong Kong and would use its cross border expertise "to develop a distinctive offering for affluent individuals and international corporate customers." In recent months a number of international banks have opened offices in Hong Kong as investors grow increasingly more optimistic about investment opportunities in the region and global markets. OppenheimerFunds, Inc, one of the largest and best known asset management companies in the US recently set up its first overseas office in Hong Kong while Dublin-based DePfa Bank opened a representative office here citing the SAR's strategic location as one of the main reasons. Late last year, US-based United Commercial Bank upgraded its representative office in Hong Kong, adding to the SAR's already strong international finance sector. Hong Kong has one of the highest concentration of banks in the world, with 70 of the top 100 institutions based in Hong Kong. Related link: | |||||||||
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