Aye Aye Win, deputy director-general of the Small and Medium Enterprises Development Center, said a total of $50 million in capital had been secured by the ministry and would be loaned out through its Small and Medium Industrial Development Bank (SMIDB) n
Financial markets liberalisation in China and the growth of private wealth in the country are driving demand for private bankers in Hong Kong, a city where rich Chinese typically park a proportion of their assets.
Steele said that for firms which opted to stay with AMP, the intention was to minimise disruption to their business, for the benefit of both advisers and their clients.
The bank had noted the emergence of sectors such as food and beverage, along with shared services outsourcing and business processing outsourcing centres, which are steadily growing.
The concept, he explained, also presented the prospect for small island states to become truly integrated into the world economy and compete effectively with lower tax rates and more ecologically friendly home environments.
The new regional base adds to AP Executive offices in London, Guernsey, Jersey, Switzerland and Cyprus. Through this network, the company services clients and candidates in more than 55 jurisdictions globally.