BOCHK Seeks Offshore Growth From the Acquisition of Bank of China's Southeast Asian Assets
Higher net interest margin, strong loan growth and lower than expected provisioning underpinned Bank of China Hong Kong, or BOCHK's solid first-half result. We maintain our view the narrow-moat-rated BOCHK will remain dominant in its core market in Hong Kong, with its recently acquired southeast Asia operation delivering higher-than-peer growth for the bank. This provides a point differentiation for BOCHK against local peers as it is able to better serve Chinese corporate expansion in the region...BOC Hong Kong is an investment holding company, engaged in the provision of banking and related financial services in Hong Kong. Co.'s segments include: Personal Banking, Corporate Banking, Treasury, and Insurance. Both the Personal Banking and Corporate Banking segments provide general banking services. The Treasury segment manages funding and liquidity, and the interest rate and foreign exchange positions of Co. in addition to proprietary trades. The Insurance segment represents business mainly relating to life insurance products, including individual life insurance and group life insurance products. As of Dec 31 2014, Co. had total assets of HK$2,189,367,000,000.
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