Regulatory changes in Asia pose challenges for global banks
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Hong Kong
GLOBAL investment banks will find it more costly to unlock wealth in Asia as regulatory changes make accessing domestic markets tougher, according to management consultancy Oliver Wyman.
Taiwan's Financial Supervisory Commission fined the local units of BNP Paribas SA and Deutsche Bank AG last month for letting unauthorised foreign staff provide financial services to onshore clients. Societe Generale SA said last week it has reorganised so that in Asia, commercial strategies are determined locally rather than regionally by product.
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