Running scared? Standard Chartered becomes third big lender in Hong Kong to scrap minimum-balance fee as virtual banks get ready to challenge their dominance

Standard Chartered Bank will abolish its minimum-balance fee from August 1, the third major bank in a week to scrap the charge imposed on small depositors as Hong Kong’s traditional lenders prepare to fight off competition from virtual banks.HSBC and Bank of China Hong Kong both announced last week that they would drop the fee, also effective from August 1.Now all three note-issuing banks, the biggest and oldest lenders in the city, will no longer levy charges on their small depositors. HSBC…

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