HSBC may be generating plenty of unflatering headlines across the globe right now, but in Hong Kong it seems other firms want to be just like the British bank.
The growth strategy of Ping An Bank, part of mainland insurance giant Ping An Insurance, is to become “China’s HSBC”, reports the South China Morning Post, presumably referring to HSBC’s multi-sector reach across Asia. As part of this expansion Ping An plans to establish a Hong Kong subsidiary and recruit up to 60 staff in the city to begin with (only 20,000 or so more people needed to match HSBC’s local headcount, then).
What kind of banking jobs will Ping An create in Hong Kong? Alpha Lau, the bank’s acting representative in Hong Kong, told the SCMP that the firm would focus on “club loans, syndicated loans and debt financing for mainland enterprises seeking overseas expansion”. Don’t rush to send in your resumes, however – the new Hong Kong platform isn’t expected to be launched until June next year.
In recruitment terms, Ping An is rather fortunate to be entering the Hong Kong market at a comparatively late stage. Other mainland firms – from CICC to Bank of China – have already established a reputation for being able to attract talent from Western banks in Hong Kong, especially since the financial crisis. Recruiters in Hong Kong say Ping An should be able to follow suit, if it’s generous enough with compensation.
Still, the business of helping mainland companies expand abroad is competitive. Rival banks, both Asian and Western, are already searching for finance professionals in Hong Kong who not only speak Mandarin and English but also boast mainland and international experience. “Cross-border transactions are by nature more complex and require global cooperation. These bankers must be comfortable in international deal teams, able to help Chinese clients bridge markets successfully,” Rafael Brana, a consultant at search firm Bo Le Associates in Hong Kong, told us.
Meanwhile:
Work in Southeast Asian ECM? New league table suggests you should consider working for Maybank, DBS or CIMB. (Bloomberg)
Karen Chen appointed as president of UBS China. (Reuters)
Singapore’s exchange officially opens its new Hong Kong office. (Straits Times)
CME names Christopher Fix as managing director and head of Asia Pacific. (CNBC)
China’s new international payment system to process cross-border yuan transactions may be launched by year-end. (Business Times)
Bank shares rise as Chinese securities regulator says banks may be able to enter the brokerage business. (Reuters)