Chang Hwa Bank invites Hong Kong residents, businesses to bank in Taiwan

Chairwoman of Chang Hwa Bank sees uncertainty in Hong Kong as 'business opportunity'

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(Wikimedia Commons photo)

TAIPEI (Taiwan News) – The chairwoman of Taiwan’s Chang Hwa Bank Ling Chung-yuan (凌忠嫄) speaking in an interview on Thursday (Aug. 15), stated that Taiwanese bank may be in a position to profit from the situation in Hong Kong, which many fear may threaten the city’s financial outlook.

Ling observed that if the situation continues to deteriorate in Hong Kong, banking customers will grow increasingly concerned over the security of their finances in Hong Kong’s banks. In her Friday statements, the Chang Hwa bank chairwoman essentially invited Hong Kong residents to transfer their accounts to Taiwanese banks, where she assured them their assets would remain secure.

“For Taiwan, this could be a major business opportunity,” said Ling. She suggests that Taiwan is in an advantageous position to increase capital flow to the country, should the financial sector of Hong Kong begin to destabilize due to the social unrest, or political fallout from a potential crackdown by Beijing.

Ling sought to assure customers of Chang Hwa’s Hong Kong branch that operations were continuing normally, and the bank’s business has not been negatively affected, reports Liberty Times. The Hong Kong branch remains the most profitable of the bank’s overseas branches said Ling.