The Hong Kong branch of E*Trade Group announced recently that following a dip in share trading and a 23% dive by the benchmark Hang Seng index over the past year, it is considering offering online banking to its clients in the SAR, in an attempt to diversify income away from its online brokerage operations.
Speaking to the Bloomberg news service, Vice President Asia Pacific at E*Trade Group, John Lord, confirmed rumours that the organisation is seeking a banking license, and revealed that the Group hopes to get the ball rolling by June at the latest.
He said that the Hong Kong Monetary Authority had been 'helpful and welcome' in initial talks, and announced that if the bid is successful: 'The banking unit will first service our brokerage business and we may possibly offer retail banking products down the road.'
Mr Lord revealed that despite the company's recent push towards a 'bricks and clicks' approach, it will not be opening branches in Hong Kong on the grounds of expense. However, he reassured clients that a network of ATM machines would be put in place.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment