Bank Of China To Expand Interest-Rate Presence
The Hong Kong branch of the Bank of China plans to beef-up its interest-rate desk in the coming months. Happy Chan, senior manager in Hong Kong, said the bank will attempt to build up interest-rate swap volumes and start offering caps and floors to customers by year-end. A combination of a merger of its 10 Hong Kong subsidiaries in October, which will give it access to a wider range of clients, and increasing client demand for interest-rate products has prompted the move.
The desk will be staffed by internal moves, according to Chan, who added the number of traders who will work on the desk will not be finalized until after the merger.