Bankers Say Hong Kong's Rich Are Planning Escape Routes for Their Cash
The Bank of China Tower, from left, the Cheung Kong Center building, the HSBC Holdings Plc headquarters building and the Standard Chartered Bank building stand in the central business district of Hong Kong.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Top bankers say Hong Kong’s wealthy are opening more offshore accounts to ensure they have an emergency escape route for their cash if the city’s civil unrest worsens.
So far, the money has largely been staying put, the heads of UBS Group AG, Credit Suisse Group AG and Standard Chartered Plc said in interviews at the New Economy Forum in Beijing. While Goldman Sachs Group Inc. isn’t seeing any change of behavior among major financial clients, “the situation needs to be resolved” soon, CEO David Solomon said.