The Chinese word for crisis, points out Mervyn Davies, chairman of the Hong Kong Association of Banks, is written with two characters: one depicts risk and the other opportunity. “Companies can’t go to the stock market for funds now and can’t raise debt capital,” he says. “Thus there is the opportunity for banks to provide equity finance.” In this new environment, institutions that know their markets well will be at an advantage.
The days of suitcase bankers, who flew in and out of the region with little market knowledge, are gone.
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