Tycoon-backed saxobank reveals HongKong expansion plans
"We are trying to further build our presence in Hong Kong as we speak," said Kim Fournais, chief executive officer of the Danish firm.[NEW YORK] Online trading platform Saxo Bank, which is part owned by Chinese billionaire Li Shu Fu, plans to do a lot more business in Hong Kong despite the increasingly tense political climate there.
"We are trying to further build our presence in Hong Kong as we speak," said Kim Fournais, chief executive officer of the Danish firm. "We do much, much more business in Singapore than in Hong Kong, and there's no reason we shouldn't do as much in Hong Kong," Mr Fournais said."A year ago, everyone liked Hong Kong as a place to do business. Now, it's different. But I still think Hong Kong is a highly relevant place in the world and will continue to be so."
China's clampdown on Hong Kong has left western banks there walking a tightrope after the US imposed sanctions it says are designed to protect freedom of speech. But China has also signalled it wants Hong Kong to remain a financial hub. For now, there are signs that high net worth investors are mostly staying put, as they try to assess how far the mainland will go to enforce its stricter regime.
Mr Fournais said Hong Kong is a"gateway to China" and"of course when it gets a little shaky, some people pull up their roots and leave"."That's normally not what we do."
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