Hong Kong
CNN
—
Standard Chartered is adding jobs in Hong Kong this year in a sign of renewed confidence in its biggest market as it reopens its border with mainland China.
The British bank said it would add 300 to 500 employees to ranks of around 5,500 to 5,800. This will increase the city’s current headcount by up to 9%.
The move comes as lenders’ business in the global financial hub begins to recover to pre-pandemic levels.
In its earnings call on Friday, Chief Financial Officer Andy Halford said that despite the economic challenges in Hong Kong, the bank had grown its operating profit in the city by 9% to just over $3.7 billion, and said it expects to see “an average of $3.7 billion in 2019 circa 2019.” We’re back to normal,” he said.
The company is encouraged by early signs of a “pick up” in Hong Kong, he told analysts.
Standard Chartered
(SCBFF) Hong Kong CEO Mary Huyen said the new hiring drive would allow the bank to take advantage of the reopening of the border between Hong Kong and mainland China.
China full resumption It borders the special administrative regions of Hong Kong and Macau this month, and is expected to give the two cities a big boost to their economies.
The reopening will “increase business opportunities” in fintech, wealth management and China’s Greater Bay Area, an economic bloc that links Guangdong to Hong Kong and Macau, Huyen said on Friday.
“We expect demand for loans and wealth management to increase significantly this year, so we need to hire more people,” she added.
HSBC
(HSBC)in Hong Kong major bankalso flagged a strong performance in the city.
On Tuesday’s earnings call, Chief Executive Noel Quinn said the London-based lender “had market share in key products such as customer deposits, insurance and trade finance last year.”
Chairman Mark Tucker said the company hopes an economic recovery in China will boost its business.
“We expect to see a strong recovery as the reopening of borders means Hong Kong and the entire Greater Bay Area are likely to be major beneficiaries,” he said in a statement.
HSBC reported a 92% increase in pre-tax adjusted profit in the fourth quarter of 2022 to $6.8 billion, beating analyst expectations.Hong Kong also largest market.
The city is hoping to make a comeback as it continues to recover from two-and-a-half years of pandemic restrictions.
In November, city leader John Lee said: welcomed Some Wall Street executives have attended the biggest international event in years, encouraging them to invest locally and trying to reassure them that they will maintain a different role from mainland China.
