Sumeet Chatterjee
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Ant Group's IPO sees record $3 trillion in retail demand

Ant Group's IPO sees record $3 trillion in retail demand

By , HONG KONG (Reuters) - Retail investors placed bids for a record $3 trillion of shares in Ant Group Co Ltd’s initial public offering (IPO), set to be the world’s biggest, as mom-and-pop savers bet on demand for its financial services in China.Ant’s dual listing is set to raise about $34.4 billion, split fairly evenly between Shanghai’s STAR Market and Hong Kong, topping Saudi Aramco’s $29.4 billion listing last December.Investors, both retail and institutional, are rushing to buy into Ant, which operates China’s biggest payments platform and other financial services, despite risks of...

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Oct 29
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Global banks seek to contain damage over $2 trillion of suspicious transfers

Global banks seek to contain damage over $2 trillion of suspicious transfers

By , , HONG KONG/LONDON (Reuters) - Global banks faced a fresh scandal about dirty money on Monday as they sought to limit the fallout from a cache of leaked documents showing they transferred more than $2 trillion in suspect funds over nearly two decades.While some banks said many of the transactions happened a long time ago, and they had since put robust anti-money laundering checks in place, investors were clearly worried.HSBC and StanChart shares touched their lowest level in as much as 25 years, although they fared little worse than their peers amid a wider selloff in global stocks.The...

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September 21, 2020
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Exclusive: Global banks scrutinize their Hong Kong clients for pro-democracy ties - sources

Exclusive: Global banks scrutinize their Hong Kong clients for pro-democracy ties - sources

India HONG KONG (Reuters) - Global wealth managers are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China’s new national security law, according to six people with knowledge of the matter. Bankers at Credit Suisse Group AG, HSBC Holdings Plc, Julius Baer Gruppe AG and UBS Group AG, among others, are broadening scrutiny under their programs that screen clients for political and government ties and subjecting them to additional diligence requirements, these people said. The designation,...

July 20, 2020
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Exclusive: Global banks scrutinize their Hong Kong clients for pro-democracy ties - sources

Exclusive: Global banks scrutinize their Hong Kong clients for pro-democracy ties - sources

United States HONG KONG (Reuters) - Global wealth managers are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China’s new national security law, according to six people with knowledge of the matter. Bankers at Credit Suisse Group AG (), HSBC Holdings Plc (), Julius Baer Gruppe AG () and UBS Group AG (), among others, are broadening scrutiny under their programs that screen clients for political and government ties and subjecting them to additional diligence requirements, these people...

July 20, 2020
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Axe falls as Deutsche Bank lays off 18,000 in $8.3 billion reinvention

Axe falls as Deutsche Bank lays off 18,000 in $8.3 billion reinvention

FRANKFURT/SYDNEY/HONG KONG/NEW YORK (Reuters) - Deutsche Bank laid-off staff from Sydney to New York on Monday as it began 18,000 job cuts in a 7.4 billion euro ($8.3 billion) “reinvention” which will lead to yet another annual loss and knocked its already battered shares. Germany’s largest lender said on Sunday it would scrap its global equities operations and cut some in fixed income in a retreat from a long-held ambition to make its struggling investment bank, with 38,000 staff, a force on Wall Street. Shares in Deutsche Bank, which has almost 91,500 staff around the world, erased...

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July 8, 2019
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Hong Kong bankers worry that new laws could lead to capital flight

Hong Kong bankers worry that new laws could lead to capital flight

United States HONG KONG (Reuters) - China’s plan to impose national security legislation in Hong Kong is expected to lead to the flight of capital and talent from the Asian financial hub, bankers and headhunters said on Friday. The proposed legislation, which prompted concerns over freedoms in the semi-autonomous city, comes after large-scale and often violent pro-democracy demonstrations last year, which had already pushed some wealthy individuals to scout for investment options elsewhere. “In some cases where clients had a bit of inertia and hoped things that happened last year will just...

May 22, 2020
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HSBC and StanChart back China security law for Hong Kong

HSBC and StanChart back China security law for Hong Kong

United States HONG KONG/LONDON (Reuters) - HSBC () and Standard Chartered () banks gave their backing to China’s imposition of a national security law on Hong Kong on Wednesday in a break from their usual policy of political neutrality. HSBC’s Asia-Pacific Chief Executive Peter Wong signed a petition backing the law, the bank said. HSBC “respects and supports all laws that stabilise Hong Kong’s social order,” it said in a post on social media in China. StanChart later said it believed the law can “help maintain the long term economic and social stability of Hong Kong”. Both banks are based...

June 3, 2020
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