U.S. Fed More Dovish on Future Rate Hike; Prefer HSBC, OCBC, and BOCHK in Our Asia Bank Coverage
With the U.S. Federal Open Market Committee unanimously voting to maintain its target rate range at 2.25%-2.5% in its first official meeting of 2019, our U.S. team has assumed no interest rate hikes in 2019 and a single rate hike in mid-2020. The more dovish tone adopted by the Fed will see a slower increase in net interest margin for Hong Kong- and Singapore-based banks under our coverage. We continue to expect net interest margin to increase in 2019, albeit at a more tepid pace as loans are pr...Hang Seng Bank and its subsidiaries are engaged in the provision of banking and related financial services. Hong Kong and other businesses segment include: Retail Banking and Wealth Management; Commercial Banking activities; Global Banking and Markets; and Other. Co.'s Mainland China business segment comprised of the business of Hang Seng Bank (China) Limited and Co.'s share of profits from mainland associates. As of Dec 31 2014, Co. had total assets of HK$1,263,990,000,000.
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