Abstract | While most banks in Hong Kong remain remarkably strong after two years of financial crisis, there is no room for complacency. Intensified competition, global liberalisation, technological advance, and greater sophistication in services demanded by customers are all callenges that require banks to rethink their strategies. Consolidation, with its obvious benefits, is one way for banks to address these challenges. The Hong Kong Monetary Authority's role is to ensure that the regulatory structure is keeping abreast of the evolving market conditions and can failitate closer co-operation in the banking sector. This is the text of the speech delivered by Joseph Yam, Chief Executive of the Hong Kong Monetary Authority (HKMA), at the Millennium Dinner of the Hong Kong Institute of Bankers on 9 December 1999. |
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