Wall Street titans to join November banking summit in Hong Kong as Covid rules eased

Leaders of some of the world’s biggest banks and asset managers will attend an investment summit in Hong Kong on Nov. 2, the city’s financial regulator announced on Thursday, signaling a reopening of the financial hub after tight restrictions related to the pandemic.

Goldman Sachs Group Inc CEO David Solomon, Citigroup Inc Head Jane Fraser, Morgan Stanley Boss James Gorman and BlackRock Inc Chairman Rob Kapito will be among the speakers at the Global Financial Leaders’ Investment Summit , announced the Hong Kong Monetary Authority (HKMA).

Hong Kong officials are hoping the highest-profile event since the start of the pandemic, which will lead to rugby sevens, will be seen as the city’s reopening after more than two years of Covid-19 border restrictions.

Hong Kong’s relentless Covid restrictions have taken a toll on its economy and position as a financial hub.

The city scrapped the mandatory hotel quarantine from Monday, but visitors to the city still face restrictions on frequenting certain places like bars and restaurants for the first three days.

Some banks had warned that big bosses would not participate if restrictions remained in place.

HKMA chief executive Eddie Yue said on Thursday that final guidelines for summit attendees were still being finalized.

“For most of them it will only be a short visit and we need to make sure they can meet people, do business and build relationships in the usual way they expect from an international city. dynamic,” he said in a statement.

“The latest relaxation of some of the control measures is helpful and provides us with a good basis to finalize an appropriate set of arrangements to facilitate the visit of our guests and make the Summit a success, which will underline Hong Kong’s status as a as an international financial center.

Singapore, which has long been locked in fierce competition with Hong Kong to be seen as Asia’s premier financial hub, attracted traders, fund managers and CEOs for a series of high-level conferences this month. .