Private Banks Postpone China Events, Curb Travel as UBS Delays Mid-Year Wealth Outlook
Updated
Updated · Bloomberg · Jun 5
Private Banks Postpone China Events, Curb Travel as UBS Delays Mid-Year Wealth Outlook
3 articles · Updated · Bloomberg · Jun 5
Summary
UBS postponed its mid-year wealth outlook event in mainland China this month, while HSBC kept a China event on but discouraged non-essential mainland travel for Hong Kong-based private bankers.
The pullback follows an unprecedented crackdown on cross-border investment flows, with scrutiny intensifying from regulators in both Beijing and Hong Kong.
Some HSBC bankers who had planned to attend have already canceled their trips, showing the restrictions are affecting client-facing activity rather than remaining a precaution on paper.
Standard Chartered said it is reviewing its policies, suggesting the tighter compliance stance is spreading across private banks operating between Hong Kong and mainland China.