Top Hong Kong banks lure mainland clients with special incentives during golden week
Horse racing, golf and fireworks dinners along with international school visits are some of the special incentives offered by major Hong Kong banks to attract new clients from the mainland visiting the city during the National Day golden week holiday.
The holiday, which runs up to October 7, is expected to draw more than 1.2 million mainland Chinese tourists to Hong Kong, 10 per cent higher than a year earlier, according to government estimates.
HSBC, Citibank, DBS Hong Kong and Bank of East Asia (BEA) are extending trading hours of some of their branches and wealth-management centres in the tourist hotspots of Tsim Sha Tsui and Causeway Bay to entice mainland visitors to open accounts or buy insurance and wealth-management products amid the recent market rally.
The benchmark Hang Seng Index surged 2.4 per cent on Monday to close at 21,133.68, taking the gains to 18 per cent for September, the best month since November 2022. The rally picked up after the US Federal Reserve cut its key rate on September 18, heralding the start of the rate cut cycle, with Beijing’s package of stimulus measures on September 24 to support the economy fuelling US$1.8 trillion worth of stock gains in Hong Kong and the mainland.
“We have observed that mainland customers come to Hong Kong during the golden week holiday not only for tourism but also to manage their personal finances,” said Winnie Ng, head of distribution sales management for wealth and personal banking at HSBC.
HSBC, the biggest lender in the city, has arranged a wide range of activities for its wealthy clients during their visits to Hong Kong. It has teamed up with three of Hong Kong’s top international schools to allow parents and their children to tour these institutions to get first-hand knowledge.
