Hong Kong

HSBC yesterday announced a further increase of $4 billion to its loan for small and medium sized enterprises (SMEs) in Hong Kong, bringing the fund’s total to $20 billion.

HSBC has increased its SME loan fund to EUR1.45bn, following top-ups in March and June 2009

Small-to-medium enterprises in Hong Kong are pessimistic about a quick economic rebound, and anticipate a global economic recovery only after 2010.

Since December 2008 HSBC has granted 322 million euros to Hong Kong SMEs to help them ride out the financial storm.

Mainland regulators are asking banks to further loosen their restrictions on loans to SMEs, in support of Beijing's economic stimulus measures

The Legislative Council finance committee has passed a HK$100bn (EUR9.59bn) special loan guarantee scheme for SMEs

The Hong Kong SAR government is considering merging the loan guarantee for two sub-schemes under the SME funding schemes to ease the economic difficulties, a government spokesman said.

Amanda Chiu, SVP, Head of Factoring, Corporate and Investment Banking, Greater China, DBS Bank gives the overview for the year.

Bank of East Asia Ltd confirmed Monday it signed an agreement to sell its 50% stake in a financial services joint venture to its partner.