ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print
Publicly, companies deny that their confidence in Hong Kong has been shaken. In private, they are beginning to make backup plans to diversify elsewhere.   © Nikkei illustration
The Big Story

Hong Kong security law sparks race for Asia's next financial capital

Singapore, Seoul, Tokyo are already luring disaffected businesses

NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent | Hong Kong

HONG KONG -- When Alexander von zur Muehlen traded a corner office in the tallest skyscraper in Hong Kong for a far pokier office with modest views of the Singapore port, he couldn't help it being seen as a vote of no confidence.

Many of his predecessors as Asia-Pacific CEO of Deutsche Bank had enjoyed the azure vistas of Hong Kong's Victoria Peak and its bustling harbor, viewed from the towering International Commerce Centre on the Kowloon Peninsula. Deutsche Bank has usually observed a "dual-hub" structure in Asia with co-CEOs in Singapore and Hong Kong for over a decade. However, "Hong Kong was always the nerve center of Asia operations," according to one former employee.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more