7
Consul Genera DSTC
MINUTE
Reference
HKSBC, MACAU AND THE ECONOMY
I called on Chris Murray (Operations Manager) in the absence of Julian Barclay at HKSBC Macau.
1.
2. The overall picture was level of employment high, salaries up, banking margins good and the effect of 4 June on Chinese banks considerable.
3. The Bank of China had 20 branches and were building a large new headquarters beside the Lisboa of 35 storeys. Doubtless it will dominate the skyline as does the new BOC in Hong Kong. BOC suffered badly in June from deposit withdrawals and HKSBC to a large extent bailed it out. Tai Fung Bank (50% BOC owned), 10 branches, was less badly hit. Two Portugese banks are the next largest, then HKSBC (4 branches), and Deutsche Bank, Indosuez, Parisbas and Chartered all one branch each (and all rather embarassed, according to Murray, by the extent of their loans in Zhuhai, now running into trouble).
4.
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Murray was not that bullish about Zhuhai, only 15 minutes from Macau, so closer than Shenzhen to Hong Kong. He felt the infrastructure and the individuals involved was not yet sound. They had no branch there yet: others did and were losing money.
5. He offered to steer me towards some largish companies who might source imports in the UK, and mentioned the port project (I will follow a lead in HK). Involved parties were Government, SDTM, Nam Kwong, Shell, and Nolasco. Generally these new projects meant things were booming.
6.
Murray also gave me some (rather inaccurate) gossip about the University, said Macau was corrupt from top to bottom and gave me a copy of Macau Image (export brochure), which I attach.
20 October 1989
Att
RG/sd
mo Richard Graham
nam.
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