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  • 4 Post By topworld

SCB Priority Private

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  1. #1

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557

    SCB Priority Private

    Seems like SCB has gone down the road of DBS, HSBC, Citi etc and created a new mass market Premium banking service. Seems all of these services are set at AUM of HKD8M.

    In SCB's case it seems they have stripped away the "privileges" of the existing SCB Priority (such as unlimited lounge access) and included it in their "new" product.

    Seems yesterdays HKD1M is today's HKD8M.

    https://www.sc.com/hk/priority-private/


  2. #2

    Join Date
    Mar 2020
    Posts
    136

    The more competition the better, at least for those who are the target market. Although SCB is lacking in a few areas, like for example US stock trading, which all the other banks you mentioned do, even BOC. But what is a complete joke in Hong Kong is the Deposit Protection Scheme, which covers only HK$500k per depositor. How are they expecting people to put in a $1m or more when it's not even protected or insured? In the UK it goes up to £85,000 (which is still relatively low actually) and in the US it is US$250k which is much better. If they can do it, HK can do it too.


  3. #3

    Join Date
    Feb 2009
    Posts
    8,280

    These clowns took away my free Starbucks upgrades on 1st January! I would be pissed off if I didn't leave HK already on 11th January .

    I still have $7m outstanding mortgage with SC, not sure if that counts towards their relationship balance thingy, not that I'm really interested much now anyway.


  4. #4

    I wonder how much it costs them to offer 'unlimited lounge access' - not much at the moment - but I think in general they are under pressure to cut costs.

    Hang Seng is offering discounts at Maxims for their 'premier' account - how about that?


  5. #5
    Quote Originally Posted by topworld:
    The more competition the better, at least for those who are the target market. Although SCB is lacking in a few areas, like for example US stock trading, which all the other banks you mentioned do, even BOC. But what is a complete joke in Hong Kong is the Deposit Protection Scheme, which covers only HK$500k per depositor. How are they expecting people to put in a $1m or more when it's not even protected or insured? In the UK it goes up to £85,000 (which is still relatively low actually) and in the US it is US$250k which is much better. If they can do it, HK can do it too.
    USA is pretty much unlimited. If you have over $250k they just deposit in 250k increments in partner banks via CDARS.
    https://www.cdars.com/