Hong Kong’s private banking industry is in talks with the government and regulators seeking the removal of some red tape and compliance requirements implemented after the financial crisis, to help it sell products to more of the region’s multimillionaires.
The talks involve some of the world’s leading private banks as well as local banks, who have formed a lobby group led by HSBC within the Hong Kong Association of Banks.
The group has brought in McKinsey, the global management consultancy, to draw up a wish-list of regulatory changes to help develop the industry, according to people familiar with the matter.
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