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Moody’s changes view on three Hong Kong banks to negative
Moody’s Investors Service said it changed the outlooks for Dah Sing Bank Ltd., Public Bank (Hong Kong) Ltd. and Chiyu Banking Corp. to negative from stable.
“The change in outlook to negative for the affected banks reflects Moody's view that the greatest asset risk that Hong Kong banks facing is their exposure to small- and medium-sized enterprises (SMEs), unsecured consumer financing, and hire purchase lending which are highly vulnerable to economic downturns and weakening labor market fundamentals,” said Moody’s in a press release.
“As a result, banks with a high proportion of such exposure will face greater pressures on their asset quality and profitability,” the agency said.
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