Page 157 - A Banker Down the Rabbit Hole

Hong Kong's economic prosperity depends very much on its continued
success in maintaining its status as an international financial centre. This
is important not only for Hong Kong but also for the whole of China,
which has been undergoing gradual and steady financial modernization
in tandem with its rising economic power.

A strange story - Indian Banks deal with ethnic Indians

only
I made a very special observation that all Indian banks had only ethnic
Indian customers and had negligible banking business with local Chinese
population.

Back in India, all foreign banks had many times more local Indian
customers than those from the country of their origin doing business in
India. Indian customers of all kinds would vie with each other to have
dealings with foreign banks in India in spite of their very high thresholds
for accepting deposits and size of loans.

Unhappy Experience with Stan chart in India
I remember one incident in India where Stan chart informed me that
henceforth they will accept fixed deposits for Rs. 50,000 and above only.
I had a Fixed Deposit of Rs.30,000 and Rs.45,000 in savings bank account
with them. I proposed to the officer to transfer Rs. 30,000 to make
another FDR to take the total FDR amount to Rs.60,000 much above their
threshold. They declined saying each fresh deposit has to be of Rs. 50,000
or above.

I requested them to close all my accounts. I also called HDFC Bank
Relationship Manager to come to Stan chart branch and collect a Demand
Draft for the proceeds of FDR and Savings bank account for about
Rs.80,000. He was very pleased to come and collect the DD as their
threshold for Fixed Deposit was Rs. 5,000 only and it was Rs.25,000 for
assigning a Relationship Manager then.

154 | A Banker down the Rabbit Hole