Hong Kong Banks Employ Extravagant Incentives to Attract Mainland Clients Amidst Golden Week Holiday

Prominent banks in Hong Kong are enticing clients from the mainland with unique incentives during the golden week. These banks are going above and beyond to draw in mainland visitors, providing a range of experiences from exclusive meals with firework displays to golfing sessions with renowned players.

Prominent banks in Hong Kong are offering unique incentives such as horse racing, golfing, and fireworks dinners as well as visits to international schools to draw in new customers from mainland China visiting the city for the National Day Golden Week holiday.

The vacation period, extending until October 7, is projected to attract over 1.2 million tourists from mainland China to Hong Kong, a 10 percent increase from the previous year, based on government predictions.

HSBC, Citibank, DBS Hong Kong, and Bank of East Asia (BEA) are lengthening the operational hours of select branches and wealth-management centers in the popular tourist destinations of Tsim Sha Tsui and Causeway Bay. This move is designed to attract mainland tourists to open bank accounts, purchase insurance, and invest in wealth-management products, especially considering the current market upswing.

The Hang Seng Index, a key market indicator, skyrocketed by 2.4% on Monday, ending at 21,133.68. This matched up to an 18% increase for September, marking the best monthly performance since November 2022. The upswing gained momentum after the US Federal Reserve reduced its primary rate on September 18, indicating the beginning of a period of rate cuts. This, coupled with Beijing's stimulus package introduced on September 24 to bolster the economy, triggered a boost in stock gains in Hong Kong and mainland China, amounting to a whopping US$1.8 trillion.

Winnie Ng, who oversees distribution sales management for personal and wealth banking at HSBC, has noted that clients from the mainland visit Hong Kong during the golden week holiday not just for sightseeing, but also to handle their private financial matters.

HSBC, the leading financier in the city, has planned a plethora of events for its affluent clientele during their stay in Hong Kong. The bank has collaborated with three of the city's premier international schools, providing an opportunity for parents and their children to visit these educational establishments and gain direct experience.