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Fireworks dinners, lucky draws, high deposit rates, air tickets and donations to charities are among the major incentives Hong Kong banks are dangling to attract wealthy customers and depositors ahead of the Lunar New Year.
HSBC, Bank of China (Hong Kong) (BOCHK), Standard Chartered, Bank of East Asia (BEA), OCBC and ICBC Asia have launched marketing campaigns to lock in new clients and entertain wealthy customers to kick off the Year of the Dragon, which starts on February 10.
With hundreds of thousands of mainland Chinese travelling to Hong Kong during the week-long holiday, banks are keen to seize the once-a-year opportunity to satisfy clients by lavishing them with attractive giveaways.
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HSBC, Hong Kong's largest bank, is organising a fireworks dinner for select customers on the second day of the Lunar New Year at its wealth centre in Hysan Place, Causeway Bay. Another dinner at the Happy Valley Racecourse is planned for February 15. A feng shui master will be present on both days to make predictions for the new year.
The Lunar New Year fireworks display over Victoria Harbour in February 2019. Photo: Nora Tam alt=The Lunar New Year fireworks display over Victoria Harbour in February 2019. Photo: Nora Tam>
New clients will receive lucky gift bags with shopping and dining coupons.
"As Lunar New Year is one of the most important festivals in Chinese culture, we would like to celebrate it with our customers through unique experiences," said Winnie Ng, head of distribution sales management, wealth and personal banking at HSBC Hong Kong.
High deposit rates are the most popular ploy lenders use to attract customers, as many tend to deposit the lai see - red paper packets filled with "lucky money" handed out during the new year - into their bank accounts.
It is a Chinese tradition for married couples to hand out lai see to unmarried friends and family members, including children, during the first seven days of the new year.
BOCHK is offering 3 per cent on savings accounts and up to HK$27,000 (US$3,450) worth of awards to customers between the ages of 18 and 35 who open accounts using mobile phones, while children under 10 years of age get a 3.5 per cent savings rate and HK$100.
BOCHK is offering 3 per cent on savings accounts and up to HK$27,000 (US$3,450) worth of awards to customers between the ages of 18 and 35 who open accounts. Photo: Reuters alt=BOCHK is offering 3 per cent on savings accounts and up to HK$27,000 (US$3,450) worth of awards to customers between the ages of 18 and 35 who open accounts. Photo: Reuters>