| Abstract | Hong Kong's intense private banking competition has witnessed major shakeups in the local market. While Standard Chartered sold their entire private banking operation to Swiss Bank Corporation, another big local retail banker, Hang Seng announced that it would step boldly into the private banking fray in November 1996. That the private banking market may already be crowded does not concern Calvin Tse, senior manager of Hang Seng's private banking division. He believes that Hang Seng's advantage lies in the existing client base that they, as Hong Kong's second-largest bank, already have. The success of Hang Seng's private banking operation will be closely followed by the other local banks who are sizing up the opportunities of entering the private banking field clutching their one trump card, an extensive and increasingly wealthy local customer base. |
|---|
