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As Hong Kong lenders trim staff, prospects tighten for some expat bankers unless they change roles, take a pay cut

As Deutsche Bank and other big banks reduce staff, expatriate financial workers who are made redundant and want to stay in Hong Kong may find it more difficult if they are unwilling to learn a new language, shift to a different area of the industry, or take a more junior role at a reduced salary, according to headhunters.The job prospects are particularly tight for trading and banking positions tied to equities, as firms have begun reducing headcount against the backdrop of more uncertain… Source link

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Anheuser-Busch catches bankers by surprise with a US$11.3 billion sale to Asahi, after scrapping its US$9.8 billion Hong Kong IPO

As investors pommelled Anheuser-Busch InBev’s stock and bonds after the Budweiser maker scrapped what would have been the year’s largest initial public offering, little did they know Chief Executive Officer Carlos Brito had a Plan B that’s been in the works for months.A week after pulling a share sale of its Asian business, AB InBev on Friday agreed to sell its Australian unit – part of the portfolio that had been offered to investors – to Asahi Group Holdings. A Hong Kong listing would have… Source link

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Here’s why the sales pitch by Anheuser-Busch and its bankers for Budweiser to be the 2019 King of IPOs fell flat

For months, executives from Anheuser-Busch InBev raced to prepare for a listing of its Asian subsidiary, Budweiser Brewing Company APAC. It was to be this year’s biggest initial public offering and would surpass Uber Technologies’s US$8.1 billion share sale.The hope had been that the Belgian company’s leading position in the premium beer market in China – with its millions of drinkers – would justify a target to raise as much as US$9.8 billion, for a valuation of $64 billion.But on Friday, AB… Source link

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Expat bankers struggle to find new jobs in Hong Kong as cost-cutting and demand for Mandarin speakers change labour market

For years, Hong Kong was a hot spot with plum jobs for overseas bankers as global firms hired aggressively. But many recently laid-off bankers in the city are finding that cost-cutting and a demand for Mandarin speakers have diminished the opportunities for expats in Asia’s financial hub.After Deutsche Bank announced plans for wide-ranging cuts this week, many employees worldwide are facing the challenge of job-hunting in a shrinking market. For foreign staff losing positions in Hong Kong, it… Source link

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China’s promise of responsible belt and road investments is in the hands of its bankers

Over the past few months alone, Chinese banks and corporations have been reinforcing a negative reputation with local people in places like Kenya, Myanmar and Peru, where Chinese-supported projects are taking root. In Kenya, communities have been raising concerns about harm from a coal-fired power project, sending three years of unanswered letters to the Industrial and Commercial Bank of China (ICBC), which is financing it. Kenyan litigation has stalled the project.In Myanmar, officials… Source link

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Hong Kong Bankers Club finds new home in Nexxus Building, to stay in Central

The Hong Kong Bankers Club, a hub for the city’s top bankers and financial professionals, will move to Nexxus Building on 41, Connaught Road in Hong Kong’s Central district, in October 2020, according to a letter sent to its members on Friday seen by the South China Morning Post.The 42-year-old club has hosted many dignitaries, including members of Hong Kong’s various regulatory authorities such the Hong Kong Monetary Authority and the Securities and Futures Commission. It also has individual… Source link

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Tianjin bankers threatened with sack if they don’t back local government’s stability measures

Bankers in Tianjin, a former economic hub half an hour’s train ride away from Beijing, will be terminated if they don’t qualify on political grounds, according to a speech by local party secretary Li Hongzhong published by the Communist Party’s discipline authority on Wednesday.In the unusually strong-worded speech, Li recently told the city’s top bankers they would be dismissed – “like being stabbed in the neck” – reflecting the local government’s opposition to risk control measures taken by… Source link

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Hong Kong still attractive for bankers despite high living costs, says senior headhunter

Hong Kong remains an attractive destination for portfolio managers and investment bankers looking to switch jobs despite its persistent reputation as one of the world’s most expensive cities to live in, according to a senior industry headhunter.Abimanu Jeyakumar, the head of the Hong Kong office of financial services recruiting firm Selby Jennings, said the city remains a “key focus” for candidates, including ones based in other major financial centres such as London and New York.“Hong Kong is… Source link

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Chinese capital controls mean Shanghai is not a global financial hub, US bankers say

Shanghai has fallen short of its ambitious goal of becoming a fully-fledged international financial centre by 2020, according to a survey by the American Chamber of Commerce in Shanghai.The plan was announced in 2009, when Shanghai officials pledged it would be on an equal footing to New York, London and Hong Kong by next year’s deadline.As the deadline grows nearer, however, the city remains largely a commercial and shipping capital. Restrictions on the movement of capital in and out of China… Source link

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Top venture capitalists, bankers land key role in deciding China’s tech board IPOs

Some of China’s most well-known venture capitalists and bankers could play a key advisory role in picking companies on the upcoming Nasdaq-style technology board in Shanghai.The Shanghai Stock Exchange published on Wednesday night two separate lists with names of candidates for the “listing and consultative committees” for the tech board.The two committees consist of 48 candidates each.Neil Shen Nanpeng, the founder and managing partner of Sequoia Capital China; Zhang Lei, CEO of Hillhouse… Source link

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