23 October 2017

Commonwealth Bank in Hong Kong wealth management venture

12 May 2003  |  4759 views  |  0 HongKong1

Commonwealth Bank of Australia is teaming up with Cheung Kong e-commerce affiliate iBusiness Corporation to launch a joint venture company providing wealth management and financial advisory services to Hong Kong residents.

Under the agreement, Commonwealth Bank will hold 30% and iBusiness 61.25% of the new business, dubbed AMTD Financial Planning. It is intended that AMTD will will not provide any products, but will instead act as an independent investment advisory firm, working in co-operation with specialist suppliers and business partners.

Peter Fancke, Commonwealth Bank group's regional managing director, international financial services, North Asia, says the bank will supply AMTD with a range of financial services and products and a state-of-the-art technology platform "that will allow it to set new standards for product choice and professional service".

Cheung Kong and Hutchison Whampoa own 75 percent of iBusiness, while the rest is controlled by HSBC and Hang Seng Bank. The company was initially established as an Internet-based business-to-business venture, but has since been forced to diversify its interests as the dotcom bubble collapsed

Alan Tsang, director and chief executive officer of AMTD, believes the new company will benefit from the financial stability and strength of its shareholders, as well as access to the massive client-base of Cheung Kong Group, shareholders of iBusiness and Commonwealth Bank and an established network of retail outlets.

"AMTD offers clients advisory services free of charge," he says. "Through our 'multiple channels, multiple products' philosophy, clients will enjoy a range of product choices, save valuable time and gain access to a complete range of financial products and services."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Commonwealth Bank deploys GFI's Fenics FX tool

Commonwealth Bank deploys GFI's Fenics FX tool

26 March 2003  |  3432 views  |  0 comments
Commonwealth Bank customers fall for online banking scam

Commonwealth Bank customers fall for online banking scam

18 March 2003  |  6394 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.atos.net visit www.fivedegrees.nl

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
19722 views comments | 31 tweets | 43 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15272 views comments | 23 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
11019 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9123 views comments | 15 tweets | 29 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job