BoC goes bespoke
Hong Kong's retail investors are placing their cash into currency-linked deposits in the search for high yield. Bank of Communications offers these deposits on a daily basis via its vast network of branches, but the launch of its wealth management business signals the bank's intention to provide more bespoke products. Amanda Lee reports
Bank of Communications (BoC) became the first Chinese mainland commercial bank to be listed on the Hong Kong Stock Exchange (HKSE) in June 2005. Following the listing, the bank established a wealth management business, thereby extending the distribution of bespoke structured deposits to its wealth management clients 18 months on from the launch of its structured products business. It has so far focused on foreign exchange products.
Hong Kong dollar deposit rates have been continuously reduced by
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