| Abstract | The Principal Financial Group is waiting patiently for word from the Hong Kong Government. The 118-year-old US-based company is one of a growing number of financial institutions champing at the bit; anxious players stuck in the starting gate while they wait for the Hong Kong Monetary Association to introduce the long-awaited Mandatory Provident Fund (MPF). Rex Auyeung, managing director of the group's Hong Kong wholly owned subsidiary, Principal International Asia said the MPF is not a simple issue; it is not just another product. It is a concept that will change the whole society. While the big players - Hongkong and Shanghai Banking Corporation (HSBC), National Mutual, Manulife and American International Assurance (AIA) - will no doubt remain firmly in the game, there will be a plethora of banks, brokerages and other financial institutions competing for lucrative market share. |
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