Caixin
Sep 07, 2018 08:18 PM
FINANCE

In 12-Year First, Hong Kong Lender Hikes Key Savings Rate

A branch of OCBC (Oversea-Chinese Banking Corp. Ltd.) Bank in Hong Kong on Nov. 6. Photo: IC
A branch of OCBC (Oversea-Chinese Banking Corp. Ltd.) Bank in Hong Kong on Nov. 6. Photo: IC

OCBC Wing Hang Bank Ltd. (WHB) has become the first Hong Kong bank in 12 years to raise a key savings account interest rate, with its peers expected to follow suit as they try to keep hold of customers in the face of an anticipated interest rate hike in the U.S. this month.

WHB, a wholly owned subsidiary of Singapore-based Oversea-Chinese Banking Corp. Ltd., unexpectedly raised its interest rate for current account saving accounts (CASAs), which allow depositors to withdraw money at any time, from 0.01% to 0.25% on Wednesday.

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