StanChart scraps banking fees

Business | 25 Jun 2019 4:31 pm

Standard Chartered Bank Hong Kong announced it ill scrap its premium banking and easy banking's below amount fees from August 1.

Earlier, The Hongkong and Shanghai Banking Corporation and Bank of China (Hong Kong) (3988) said they will scrap their fees.

Local media also reported that Hang Seng Bank (0011) is also considering a similar move.

BAnks are gearing up for competition for deposits from eight virtual banks that will open in the next half, and Hong Kong dollar saving deposits rates could rise, an analyst from the Bank of East Asia, said.

The Hong Kong dollar firmed to 7.8058 against US dollar. Overall Hibor also climbed. One-week Hibor increased to 2.9975 percent, a new high this year. One-month Hibor climbed for a fourth straight day to 2.53286 percent, close to a 10-year high.

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