By , HONG KONG (Reuters) - Banks including HSBC, Standard Chartered and Citigroup have seen a spike in enquiries from Hong Kong residents about opening offshore accounts amid concerns stemming from China’s decision to impose a national security law on the city, five people said.The queries add to concerns about capital flight from the Asian financial hub, which has been roiled by pro-democracy protests in the past year, and underline worries about the liquidity of assets as the new law inflames Sino-U.S. tensions.President Donald Trump has said he will strip Hong Kong of its special status...…By , HONG KONG (Reuters) - Banks including HSBC, Standard Chartered and Citigroup have seen a spike in enquiries from Hong Kong residents about opening offshore accounts amid concerns stemming from China’s decision to impose a national security law on the city, five people said.The queries add to concerns about capital flight from the Asian financial hub, which has been roiled by pro-democracy protests in the past year, and underline worries about the liquidity of assets as the new law inflames Sino-U.S. tensions.President Donald Trump has said he will strip Hong Kong of its special status...WW…

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...…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...WW…

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.The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Banks are required to file an SAR whenever handling funds that cause grounds for suspicion of...…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.The report was based on 2,100 leaked suspicious activity reports (SARs), covering transactions between 1999 and 2017, filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Banks are required to file an SAR whenever handling funds that cause grounds for suspicion of...WW…

By , , 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.The designation, called politically exposed persons, can make it more difficult or altogether prevent people from accessing banking services, depending on what the bank finds about the person’s source of wealth or financial transactions.The checks at some wealth managers have involved combing through...…By , , 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.The designation, called politically exposed persons, can make it more difficult or altogether prevent people from accessing banking services, depending on what the bank finds about the person’s source of wealth or financial transactions.The checks at some wealth managers have involved combing through...WW…

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By , 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 go away,...…By , 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 go away,...WW…

By , 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 in Britain but have a significant Asia focus.Now Europe’s largest bank, HSBC has its origins in Hong Kong, a British colony until 1997. It has previously avoided weighing in on the political situation there in recent months, while...…By , 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 in Britain but have a significant Asia focus.Now Europe’s largest bank, HSBC has its origins in Hong Kong, a British colony until 1997. It has previously avoided weighing in on the political situation there in recent months, while...WW…