Major Hong Kong banks are offering unique incentives, such as horse racing, golf, and fireworks dinners, to attract new clients from mainland China during the National Day golden week holiday. With an expected increase of 1.2 million mainland Chinese tourists in Hong Kong, banks like HSBC, Citibank, DBS Hong Kong, and Bank of East Asia (BEA) are extending their trading hours and offering wealth-management products to entice visitors.
The recent market rally and a surge in the benchmark Hang Seng Index have further incentivized mainland visitors to open accounts and buy insurance and wealth-management products. With the US Federal Reserve cutting its key rate and Beijing’s stimulus measures boosting the economy, Hong Kong and mainland markets have seen significant gains.
“Mainland customers come to Hong Kong during the golden week holiday not only for tourism but also to manage their personal finances,” said Winnie Ng, from HSBC’s wealth and personal banking division.