Hong Kong banks set golden week lures for mainland Chinese visitors despite new levies

Hong Kong banks are offering enticing packages to attract mainland Chinese visitors during the upcoming Golden Week, despite new levies imposed by Beijing. HSBC is set to provide up to HK$88,000 for new high-end clients, along with exclusive experiences like a National Day fireworks dinner and Beijing tennis tournament tickets. DBS will offer a HK$1,500 cash rebate for opening a specific account with a HK$1 million deposit in Tsim Sha Tsui.

Industrial and Commercial Bank of China (Asia) will provide a 6% annual interest rate on time deposits for new customers. HSBC's head of retail and wealth distribution, Frankie Yan, emphasized that Golden Week is an opportunity to foster deeper relationships with clients, both in Hong Kong and digitally. OCBC is opening a new Central branch to target affluent customers with a total balance of HK$8 million or above, projecting high double-digit growth in business related to mainland Chinese customers.

Despite Beijing's 20% levy on cross-border gains, Hong Kong banks remain confident in their wealth management business, with DBS stating they are compliant with regulations. Citigroup also sees strong demand for international banking and cross-border wealth management from clients. Major banks in Hong Kong plan to extend business hours during the seven-day holiday, while Bank of China (Hong Kong) is offering a chance to win a fine gold ingot for completing specific wealth-management transactions in person.