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Review and Outlook of Chinese Banks in Hong Kong

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Review and Outlook of Chinese Banks in Hong Kong KPMG China December 2017 kpmg.com/cn Review and Outlook of Chinese Banks in Hong Kong 01 2017 is the 20th anniversary since Hong Kong returned We sincerely thank the following bankers for their to mainland China. In these 20 years, Hong Kong has contributions to this publication (in alphabetical order by experienced rapid development and gained mutual name): benefits with mainland China. Chinese banks in the city have also experienced healthy growth in the past 20 - Chen Linlong, Chief Executive Officer, China Everbright years, benefitting from the closer economic and financial Bank Co., Ltd., Hong Kong Branch relations between Hong Kong and mainland China. - Du Yunfei, President, China Minsheng Banking Corp., Ltd. Hong Kong Branch As one of the major global international financial centres, the economic growth of Hong Kong’s banking industry has - Gao Ming, Chairman and Executive Director, Industrial been higher than its GDP growth since 1997. In KPMG's and Commercial Bank of China (Asia) Limited publication, “Review and Outlook of Chinese Banks in - Jiang Xianzhou, Vice Chairman and Chief Executive Hong Kong”, the performance of Chinese banks in Hong Officer, China Construction Bank (Asia) Corporation Kong over the past 20 years and their future are discussed Limited in two parts. - Ma Zhiwen, President, Bank of Shanghai (Hong Kong) The first part of the publication analyses data disclosures Limited of Chinese licensed banks, restricted licence banks and - Sun Long, Chief Executive Officer, Agricultural Bank of deposit-taking companies in Hong Kong ("Chinese Financial China Limited Hong Kong Branch Institutions in Hong Kong") in the annual reports from 1997 - Wang Feng, Chief Executive, Bank of Communications to 2016 issued by the Hong Kong Monetary Authority Co., Ltd Hong Kong Branch (“HKMA”), as well as other areas of development of Chinese Financial Institutions in Hong Kong over the past - Xia Weichun, Chief Executive, Industrial Bank Co., Ltd 20 years. Hong Kong Branch - Yue Yi, Vice Chairman, Executive Director and Chief The second part of this report features summaries from Executive, Bank of China (Hong Kong) Limited interviews with 12 bankers, and their forecasted prospects of five key areas: RMB internationalisation, the Belt and - Zhang Li, Chief Executive Officer, Shanghai Pudong Road and Greater Bay Area Initiatives, fintech development Development Bank Co., Ltd Hong Kong Branch in Hong Kong, the opportunities and challenges of setting - Zhang Xiaowei, President and Chief Executive Officer, up corporate treasury centres in Hong Kong, and the China CITIC Bank International Limited development of Chinese banks’ wealth management business in Hong Kong. - Zhu Qi, Chief Executive Officer, Wing Lung Bank Limited © 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International. | Review and Outlook of Chinese Banks in Hong Kong 02 Overview of Chinese Banks in Hong Kong over the past 20 years Hong Kong, as one of the most important channels for China’s foreign commercial trade, has transformed gradually to an economy that is led by commercial and financial services. Hong Kong’s GDP in 2016 reached HKD 2,500 billion, an increase of 81 percent compared to 1997. As a major international financial centre, the Hong Kong financial services sector’s growth rate has been higher than the GDP rate, and has become the most important base for multinational financial institutions since its return to mainland China in 1997. According to data from the annual reports of the HKMA from 1997 to 2016, the development of the Chinese banking industry in Hong Kong over the past 20 years has the following features: Total assets have increased dramatically, and the number of organisations has expanded gradually. Since 1997, the size of the Chinese Financial Institutions in Hong Kong’s total assets has expanded significantly. According to information from the HKMA, the total assets of Chinese Financial Institutions in Hong Kong was HKD 957 billion in 1997, while this figure reached HKD 7,260 billion in 2016. The size of total assets has expanded by 660% over the past 20 years, while the compound annual growth rate was 11%. As for the industry’s average, the average total assets reached HKD 279.2 billion in 2016, an increase of 920% over the past 20 years, while the compound annual growth rate was 13% (1997: HKD 27.3 billion). In addition, over the past 10 years, the number and size of the Chinese Financial Institutions in Hong Kong doubled, mainly due to the promotion of multiple Hong Kong-China cooperation policies and the globalisation of the financial services sector in mainland China. In these 10 years, a number of Chinese banks, including Bank of Shanghai, Industrial Bank, China Minsheng Bank, China Everbright Bank, Shanghai Pudong Development Bank and China Development Bank, entered the Hong Kong market to set up local branches through acquisition or investment. As a result, the number of Chinese Financial Institutions in Hong Kong increased from 16 in 2007 to 26 in 2016 (an increase of 170%). © 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International. Review and Outlook of Chinese Banks in Hong Kong 03 An increasing industry impact. Since 1997, the Chinese Financial Institutions in Hong Kong have become more significant in the local market, which mainly contributed to the increased segmentation in total assets and financing facilities in Hong Kong. For example, the total assets of the Chinese Financial Institutions in Hong Kong in the local market increased from 11% in 1997 to 35% in 2016, and the borrowing and savings facilities of the Chinese Financial Institutions in Hong Kong in the local market increased from 11% and 22%, respectively, in 1997 to 39% and 34%, respectively, in 2016. In addition, over the past 10 years, the impact of the China Financial Institutions in Hong Kong in the local market grew steadily. The total assets and loan balance of the Chinese Financial Institutions in Hong Kong increased from HKD 571 billion in 2006 to HKD 3,132 billion in 2016, representing a compound annual growth rate of 18%. By the end of 2016, the average assets and financial facilities of the Chinese Financial Institutions in Hong Kong exceeded the Hong Kong local market’s average by a third, which indicates that the Chinese Financial Institutions in Hong Kong are becoming more significant in Hong Kong’s local market. Changes to the asset structure of Chinese Financial Institutions in Hong Kong Asset proportion of Chinese Financial Loan proportion of Chinese Financial Deposit proportion of Chinese Institutions in Hong Kong Institutions in Hong Kong Financial Institutions in Hong Kong Total assets of Chinese banks Total loans of Chinese banks Total deposits of Chinese banks Total assets of other banks Total loans of other banks Total deposits of other banks Data source: 1997 to 2016 annual reports issued by HKMA, KPMG China research © 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International. | Review and Outlook of Chinese Banks in Hong Kong 04 The globalisation of loan portfolios. Since 1997, Hong Kong’s offshore RMB market has progressed steadily, and the size of the Chinese Financial Institutions in Hong Kong has continued to grow. The credit balance of the Chinese Financial Institutions in Hong Kong increased by more than six times, from HKD 436 billion in 1997 to HKD 3,132 billion in 2016. Meanwhile, we notice that the Chinese Financial Institutions in Hong Kong’s loan portfolios are becoming more global. In 1997, the loan portfolios of the Chinese Financial Institutions in Hong Kong were mainly constrained within the Hong Kong market (91%). However, the loan investment decreased significantly to 66% in 2016. Together with the advancement of RMB internationalisation and the establishment of Hong Kong as an offshore RMB clearing centre, the correlation between the Chinese Financial Institutions in Hong Kong and the financial institutions in mainland China will be strengthened. The trend of globalisation of the loan portfolio will become more distinct. Changes in loan portfolios of Chinese Financial Institutions in Hong Kong In HKD million Loans to customers inside Hong Kong Proportion of loans to customers inside Hong Kong Loans to customers outside Hong Kong Proportion of loans to customers outside Hong Kong Data source: 1997 to 2016 annual reports issued by the HKMA; KPMG China research © 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in China. The KPMG name and logo are registered trademarks or trademarks of KPMG International.
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