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Bank of Asia Powered Up for Its New Chapter of Growth

By Bank of Asia   Mrs. Lorna Smith, OBE welcomed the Bank's guests on behalf of its Chairman, Mr. Carson Wen, and the other members of the Board of Directors.   Chairman of BVI Finance and Regional Managing Director of Trident, Mr. Nick Bishop in his brief remarks, expressed his pleasure and gratitude that the principals of Bank of Asia had taken the decision to open a bank in the BVI. He considered the advent of the Bank of Asia to be a positive story and encouraged the industry to support the Bank.   President of the Bank Ms. Lisa...
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Cayman’s Offshore Banking Sector Shows First-quarter Growth

By Michael Klein   In the first quarter of 2020, the assets and liabilities of Cayman Islands banks both increased for the first time in years.   The number of resident banks declined to 124 at the end of March, down from 125 at the end of 2019 and 133 at the end of 2018. But banking assets grew from US$662.7 billion to $727.5 billion in the first quarter and corresponding liabilities jumped from $662.2 billion to $723.9 billion, Cayman Islands Monetary Authority statistics show.   Since the financial crisis in 2007, cross-border assets and liabilities reported by banks licensed in...
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Offshore Bank Accounts - Account Opening

By Gerard Field   As a CEO of an international private bank, I find clients will spend much time and effort in selecting the right offshore jurisdiction for them taking into account the legal framework, regulations and whether the jurisdictions meet their individual requirements for what they require to be that asset protection, privacy, and strength of regulator to name a few key areas.     Once jurisdiction has been selected then a review of the banking partners that are available will be a key determinant of using that jurisdiction. Considerations will include how strong the bank is in terms of a...
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The Future of International Private Banking in the Next "Normal"

By Cheyenna Calderon   COVID-19 has impacted all aspects of life and many of the changes it has brought will be here to stay. Private Banks post-COVID are being called on to reinvent themselves and become more agile and responsive in order to thrive in this new world. For international families and corporate entities that utilize private banks and have assets and interests in offshore jurisdictions like the Cayman Islands, COVID has brought on some enhanced expectations that Private Banks and their Bankers need to meet going forward.   According to the 2020 McKinsey Affluent, Private, and HNWI Customers’ Insights Survey, clients are...
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Luxembourg Strengthens Status as Offshore Renminbi Centre

Grand Duchy has become a preferred destination for funds investing in China The friendship between Adolphe Franck, a Luxembourgish railway worker, and Mao Zedong, founding father of the People’s Republic of China, was the foundation for four decades of close relations between the world's most populous nation and one of its smallest. Franck, an ardent communist, met the Chinese Communist party leader many times for business, sharing his patents on steam locomotives and rising to national fame across China. In 1979. the Bank of China chose the Grand Duchy as the location for its first overseas branch, a move that...
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Eight Offshore Banking Trends

1. Greater Emphasis On Asset Protection   With uncertain economic situations in many parts of the world, it's only natural for people to look for ways to protect their assets from erosion. Choosing to place those assets in settings that are holding up well during the pandemic is a smart move.   That's where offshore banking comes into the picture. Opting for savings, checking, time deposit, and other accounts based in a nation that appears to be weathering the pandemic well translates into greater financial security. Expect more people to set up international accounts for this reason.   2. Financial Technology Continue...
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Fluency in Mandarin Becomes Key to Hong Kong Bankers' Success

Experienced expats lacking language skills for mainland Chinese clients shut out HONG KONG -- In a sign of changing fortunes in Asia's financial hub, it took almost a year for one experienced foreign private banker in Hong Kong to land a job after he was let go by his previous employer in early 2019.   The reason: most employers said they preferred -- and were easily hiring -- Mandarin speakers for such positions.   The banker, who is originally from the U.K. and has more than a decade of experience in wealth management in Hong Kong, was stunned when companies...