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Hong Kong financial summit 2022
BusinessBanking & Finance

Hong Kong’s financial summit ends on upbeat note as attendees bid farewell to Covid-19’s restrictions and head ‘back to business’

  • “It is a great way to say goodbye to the Covid period,” Amundi senior describe the HKMA summit that ends on Thursday
  • Another summit may be held next year to celebrate the 30th establishment of the authority next year, HKMA CEO Eddie Yue Wai-man told bankers

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Laura Cha Shih May-lung, the chairwoman of Hong Kong Exchanges and Clearing, says connectivity is what defines Hong Kong as an international financial centre. Photo: KY Cheng
Enoch Yiu,Peggy Sito,Mia CastagnoneandPearl Liu

Hong Kong’s gathering of global financiers ended on a note of optimism after two days of upbeat speeches, as overseas attendees hailed their unhindered participation as proof that the city can put its Covid-19 restrictions behind and get back to business.

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During the three-day event, Citigroup opened its first global wealth management centre in Tsim Sha Tsui to serve dollar-denominated millionaires, joining rivals HSBC and Standard Chartered in making Hong Kong the beachhead for tapping the estimated 80,000 wealthy individuals in southern China’s Greater Bay Area (GBA).
Citigroup’s investment reinforced the message – heard repeatedly during the three days of the Global Financial Leaders’ Investment Summit – that it is “business as usual” in Hong Kong, even if the city had been slower than other countries in opening its borders to business and leisure travel. The fact that half of the 250 financiers from 120 global firms flew in from abroad – 40 of them being chief executives – underscored the message by Chief Executive John Lee Ka-chiu that “Hong Kong is back.”

“It is a great way to say goodbye to the Covid-19 period,” said Amundi Asset Management’s Greater China chairman Zhong Xiaofeng, after the chief executive of Europe’s biggest money manager Valerie Baudson had to skip the meeting. “It is also a very strong sign of the recognition by the international financial community that Hong Kong remains a vibrant, bright international financial centre.”

(From left to right) Citibank Hong Kong’s head of retail bank Josephine Lee, Citi Private Bank’ Asia-Pacific head Steven Lo, Hong Kong artist Leon Lai Ming, Citi Global Wealth’s head of Asia Angel Ng, Citi Private Banking and Wealth Management’s chief executive Anand Selvakesari, Citi Hong Kong and Macau’s chief executive Aveline San, Citigold’s global head Fabio Fontainha and Citibank Hong Kong’s consumer business manager Vicky Kong at the opening of the first Citi Global Wealth Center at the K11 Atelier in Hong Kong’s Tsim Sha Tsui on 1 November 2022. Photo: KY Cheng
(From left to right) Citibank Hong Kong’s head of retail bank Josephine Lee, Citi Private Bank’ Asia-Pacific head Steven Lo, Hong Kong artist Leon Lai Ming, Citi Global Wealth’s head of Asia Angel Ng, Citi Private Banking and Wealth Management’s chief executive Anand Selvakesari, Citi Hong Kong and Macau’s chief executive Aveline San, Citigold’s global head Fabio Fontainha and Citibank Hong Kong’s consumer business manager Vicky Kong at the opening of the first Citi Global Wealth Center at the K11 Atelier in Hong Kong’s Tsim Sha Tsui on 1 November 2022. Photo: KY Cheng

The event, organised by the Hong Kong Monetary Authority (HKMA), kicked off informally on November 1 with a closed-door meeting between some invited bankers and the city’s financial officials at the office of the de facto central bank. A gala dinner topped at the M+ contemporary art museum closed the first day.

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