Saxo Bank’s chief executive Kim Fournais reportedly expressed confidence in the future of Hong Kong, adding that it has plans for further expansion in the city despite ongoing political uncertainty.
«We do much, much more business in Singapore than in Hong Kong, and there's no reason we shouldn't do as much in Hong Kong,» said Fournais in a «Bloomberg» report, stating intentions for expansion. «A year ago, everyone liked Hong Kong as a place to do business. Now, it's different. But I still think Hong Kong is a highly relevant place in the world and will continue to be so.»
The comments were made with regards to the ongoing uncertainty in Hong Kong which faces headwinds from both Beijing’s national security law and sanctions from Washington.
«[O]f course when it gets a little shaky, some people pull up their roots and leave,» Fournais said. «That's normally not what we do.»
Firewall from China
Although Saxo is majority-owned (51 percent) by China's Zheijiang Geely Holding Group – owned by billionaire chairman and founder Li Shufu – Fournais believes that a strict firewall has been established between its Chinese and international activities preventing direct control by the parent entity.
«That's not how this company is being run,» according to Fournais on the risk of having a company with Chinese majority ownership.
«Geely has never, ever tried to put any pressure on us. Myself and the team and the board, where our owners are very important, are fully aligned on our strategy. [There’s] very, very sharp separation between them with respect to sharing data.»
