Straits Times: Europe's stiff rules spell bonus for Asia

By Gabriel Chen

Bank talent, even banks, may be driven to Singapore and Hong Kong by moves to curb bonuses.

Bankers reckon the likes of HSBC and Standard Chartered may want to move their corporate headquarters to Asia to avoid applying the rules to their large numbers of employees located outside Europe.

*Note: Excerpt only, please refer to www.straitstimes.com for the complete article.

This will certainly benefit Singapore and Hong Kong. Moreover, the personal income and corporate tax rates are far more attractive than the European countries. Attracting these banks here will also give a boost to GDP and luxury-end property prices. Prices of these properties in Singapore still have some catching up to do with respect to other financial centers like London and New York. -Farrand