Raymond Chien expects Hang Seng Bank's interest revenue to be impacted

Business | 22 May 2020 6:09 pm

Raymond Chien Kuo-fung, independent non-executive chairman of Hang Seng Bank (0011) predicted that the bank's interest revenue would be impacted by the weakening economy amid the coronavirus pandemic and the social unrest.

He said at the annual general meeting that Hang Seng's wealth management business, especially the expected credit losses, as well as the valuation of asset portfolios are expected to be impacted.

Chien predicted China would record a big contraction in its economy despite that the government would release more fiscal and monetary stimulus.

He said the company would consider whether to buy back shares based on its capital arrangement.

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