HK banks vie for stock-link cash with prizes, fee cuts

Hong Kong

BANKS in Hong Kong wrestling for a share of the spoils from a stock-trading link between the city and Shanghai are waiving fees and even offering gold medals as prizes to lure customers.

Hang Seng Bank Ltd and Bank of China (Hong Kong) Ltd will temporarily drop some brokerage fees, the rivals said in separate statements on Monday. Lucky draws for a limited-edition gold medal are among incentives offered by the Hong Kong arm of Bank of China Ltd. Brokerages and lenders jumped on Tuesday on potential benefits from the link.