11 Mar '11, 5pm

DBS Hong Kong sees double-digit growth this year

DBS Hong Kong sees double-digit growth this year

HONG KONG: DBS Bank expects a double-digit growth in loans and deposits in Hong Kong this year, as high inflation and tight lending conditions in China drive more savers and borrowers to the territory. The bank is looking to capitalise on "mega trends" emnating from China, such as the strong credit demand in Hong Kong from Chinese borrowers due to the six times interest rate difference from the mainland; the growing use of the Chinese yuan internationally, and the robust appetite for funds among small and medium-sized enterprises looking to expand and capitalise on China's growth. "Our rate of growth this year is going to be double digit growth, clearly, China just imposed quotas on lending, so a lot of that need is spilling over to Hong Kong, and there's a very important loan growth demand in Hong Kong today because of the quotas imposed in China", said DBS Bank (Hong Kon...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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