Mega says profitability at HK branch may decreaseBy Crystal Hsu / Staff reporterState-run Mega International Commercial Bank (兆豐銀行) yesterday said that profitability at its Hong Kong branch might decline this year due to conservative operations amid political uncertainty in the territory. Robert Tsai (蔡永義), president of the banking arm of Mega Financial Holding Co (兆豐金控), said that the Hong Kong branch has turned conservative in lending operations after Beijing pushed through national security legislation for the territory. Profitability at the Hong Kong branch weakened 10 percent in the first half of this year, although it remains the most profitable among its overseas units, Tsai said on the sidelines of a public function in Taipei. Mega International Commercial Bank president Robert Tsai, second left, and Deputy Minister of the Interior Hua Ching-chun, second right, pose for a photograph with others at a news conference in Taipei yesterday. The branch is seeking to close the gap by improving profit from its foreign-currency assets and foreign-exchange trading, he said.

Source: Taipei Times July 20, 2020 15:56 UTC