Hong Kong Financial Secretary Henry Tang invited Swiss bankers in Geneva on Wednesday to use Hong Kong as a regional base to manage their banking businesses in Asia.

According to news from Information Services Department of the government of Hong Kong Special Administrative Region (HKSAR) obtained Thursday, Tang explained to the bankers the competitive strengths of Hong Kong on the last day of his duty visit to Switzerland.

Tang attended a breakfast meeting hosted by the Swiss Private Bankers' Association. The private bankers in Switzerland are a group of entrepreneurs in the privately owned banking sector who conduct their business using their own assets and assuming unlimited liabilities.

Tang told them that with Asia's high savings rate and strong economic growth, Hong Kong benefited from having a relatively fast growing economic hinterland, especially the Chinese mainland, which could be one of the fastest growing wealth management markets in the world.

Noting that it would take time for private bankers to build their reputation in this niche market, Tang pointed out the importance for them to come in early.

"You should consider whether you wish to be a leader or a follower in this growing market," Tang said.

Tang also met Chairman of the Swiss Bankers' Association Pierre Mirabaud before attending a lunch meeting hosted by the association, which is the most representative umbrella organization in the banking industry of Switzerland.

The HK financial secretary updated the Swiss banking community on Hong Kong's latest economic development and highlighted Hong Kong's role as an international financial center and a gateway to the Chinese mainland, both for overseas companies to tap into the mainland market and for mainland enterprises to reach out to the world.

"Switzerland and Hong Kong are both relatively small but outward-looking economies with huge economic hinterlands," Tang said.

Tang will leave Geneva on Thursday for Cannes, where he will attend promotional events for Hong Kong's film industry at the Festival de Cannes.

Source: Xinhua