XN000022-1990-10-12 — Page 5

FRIDAY, OCTOBER 12, 1990

HONG KONG A POPULAR PLACE FOR REGIONAL HEADQUARTERS

*

BEEN THE PACE AT WHICH FINANCIAL INSTITUTIONS AND OTHERS HAVE

KONG HAS CERTAINLY SETTING UP THEIR REGIONAL HEADQUARTERS IN HONG SHOWN NO SIGNS OF SLACKENING, THE SECRETARY FOR MONETARY AFFAIRS, DAVID NENDICK, SAID.

MR

SPEAKING AT A DINNER OF THE ASSOCIATION OF CORPORATE TREASURERS THE 12 IN LONDON ON THURSDAY (OCTOBER 11), MR NENDICK SAID THAT IN MONTHS AFTER JUNE 4 LAST YEAR, MORE MAJOR BANKS ESTABLISHED THEMSELVES IN THE TERRITORY THAN IN ANY COMPARABLE PERIOD SINCE 1980.

HE NOTED THAT RECENT ARRIVALS INCLUDED THE DIVISIONS OF TWO OF THE BRITISH CLEARING BANKS.

PERSONAL BANKING

A SIGNIFICANT COMPANIES

MR NENDICK POINTED OUT THAT OVER RECENT YEARS, NUMBER OF EUROPEAN, AMERICAN AND JAPANESE MONEY-MANAGEMENT HAVE ESTABLISHED REGIONAL BASES IN HONG KONG.

ALSO THEY DEPLOY FUNDS NOT ONLY INTO HONG KONG AND CHINA, BUT INTO OTHER BURGEONING MARKETS IN THE ASIA-PACIFIC REGION, FROM SOUTH THAILAND, TO MALAYSIA, SINGAPORE, KOREA AND TAIWAN IN THE NORTH AUSTRALIA AND NEW ZEALAND IN THE SOUTH, HE ADDED.

WERE THERE AS AT THE END OF JUNE THIS YEAR, SECURITIES AND COMMODITIES TRADING COMPANIES IN HONG KONG,

SERVICES, WIDE

OF SPECTRUM UNDERWRITING,

A

FUND

FINANCIAL

177 OVERSEAS UNDERTAKING INCLUDING STOCKBROKING,

FINANCIAL AND

WERE 116

MANAGEMENT AND THE PROVISION OF INVESTMENT ADVICE, MR NENDICK SAID, ADDING

IN HONG

THAT THERE OVERSEAS INSURERS AUTHORISED TO CARRY ON INSURANCE BUSINESS KONG OF WHICH SOME WERE USING HONG KONG AS THEIR REGIONAL BASE FOR THE ASIA-PACIFIC REGION.

FROM 1985 TO LAST YEAR, FINANCIAL AND OTHER INSTITUTIONS

HEADQUARTERS ON AVERAGE BEEN ESTABLISHING AROUND 60 NEW REGIONAL HONG KONG EACH YEAR, HE NOTED.

HAVE

IN

TURNING TO STOCK AND GOLD MARKETS, MR NENDICK POINTED OUT THE STOCK MARKET CONTINUES TO PROVIDE ONE OF THE IMPORTANT SOURCES CAPITAL FOR LOCAL ENTERPRISES, ATTRACTING INTEREST FROM BOTH LOCAL AND OVERSEAS INVESTORS.

THAT

OF

"AT THE END OF AUGUST 1990, 290 PUBLIC COMPANIES, WITH A MARKET CAPITALISATION OF SOME 45 BILLION POUNDS, WERE LISTED STOCK EXCHANGE.

"THIS MAKES IT THE THIRD LARGEST STOCK MARKET IN JAPAN AND SOUTH KOREA," HE SAID.

IN TERMS

OF

TOTAL ON THE

ASIA AFTER

TRADING

IN

VOLUME,

HONG KONG'S GOLD MARKET IS BELIEVED TO BE THE THIRD LARGEST

AND ZURICH WORLD AFTER LONDON MR NENDICK SAID.

THE

"HONG KONG