Go Dah Sing

The ratings reflect DSI’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management.

The ratings also reflect the parental support from Dah Sing Financial Holdings Limited (DSFH) in terms of capital, brand recognition, business development, product distribution, risk management and operations.

The company’s risk-adjusted capitalisation remains at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and is supportive of the increased asset and underwriting risks from its business expansion. Following a large capital injection from DSFH in 2017, DSI has significantly expanded its investment portfolio over the past four years. The heightened investment risk is partially mitigated by the various control limits stipulated in DSI’s investment policy and the diversity in its equity portfolio. Other supportive factors to the balance sheet strength include organic capital growth from full profit retention.

DSI has consistently delivered a profitable operating performance over the past five years (2016-2020), mainly driven by its favourable investment results, albeit partially offset by the relatively marginal and volatile underwriting performance.

As a small-to-medium-size player in Hong Kong’s non-life insurance segment, DSI maintained a market share of approximately 1%, with a gross premium written of HKD 551.6 million in 2020. The company’s three major lines of business are motor, employees’ compensation and property inward treaty lines. DSI plans to scale down the proportion of its reinsurance inward treaty business to better control its risk accumulation, while further strengthening and diversifying its multi-channel distribution network through new business initiatives in growing business lines, including property damage, engineering, mortgage, and mid-markets with a focus on small-and-medium enterprises.

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Fitch Ratings has assigned Hong Kong-based Dah Sing Bank, Limited's (DSB; BBB+/Stable/bbb+) proposed Basel III-compliant Tier 2 subordinated notes an expected rating of 'BBB-(EXP)'.

The notes will be issued under DSB's USD2 billion euro medium-term note programme. The notes will mature in 10 years and will be callable by DSB after five years and semi-annually thereafter. They will qualify as Tier 2 capital as their terms include a point of non-viability that the authorities may trigger at their discretion. In addition, the Hong Kong resolution authorities can, through their statutory powers, override the notes' contractual terms if they consider it necessary to restore the bank's viability.

The bank will use the proceeds from the new issuance to replace existing obligations that will become callable in November 2021.

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大新金融（0440）早前慶祝位於皇后大道東的全新集團總部及大新金融中心內的大新銀行數碼旗艦分行正式開幕，標誌著該行為大新集團發展的新里程揭開序幕。

連結

 為配合粵港澳大灣區跨境理財通正式啟動，大新銀行(02356)宣佈由 10 月 19 日起推出「跨境理財通」南向通服務，與大新銀行(中國)合作提供離岸投資平台，為大灣區投資者提供約 200 種理財產品，包括不同貨幣、不同投資策略、投資於 環球不同地區的基金，此外還有 11 種不同貨幣存款以供選擇。

內地客戶可在大新中國於大灣區的服務網點開設匯款專戶，並由大新中國以見證開戶方式一站式開立於該行在香港的投資專戶，不需親身到香港，非常便利。

連結

大新銀行總經理及零售銀行處副主管鄧子健表示，今年資金成本下降，因此該行將稅貸利率較按年下調30個點子，並認為旗下稅貸產品在市場上十分具競爭力。他預計，今年整體税貸申請及經數碼渠道申請税貸的客戶數目均會增長兩成，但預期貸款金額將維持於約人均30萬元。

連結

 根據粵港澳三地監管機構公布，三地中以深圳、廣州獲准開辦跨境理財通的銀行數目最多，達到20家，大部分會展開「南向通」及「北向通」業務，但郵儲銀行深圳分行、東亞（中國）、大新銀行（中國）和星展中國只展開南向業務。

　至於香港獲准開辦跨境理財通的19家銀行中，滙豐、渣打及中銀香港等銀行均上榜，其中，有六家開辦南、北向跨境業務，東亞、大新及星展香港只進行南向通業務。而澳門獲准的銀行則有七家，大多是中資在當地的銀行。

連結

 汇丰研究发布研究报告称，予大新银行（02356）及大新金融（00440）“买入”评级，大新银行目标价由11.8港元上调至12.2港元，大新金融目标价由42港元上调至43港元。

　　报告中称，大新银行上半年业绩表现强劲，加上东亚银行（00023）早前公布的中期业绩也向好，加强该行对中国香港中型银行的信心。

　　该行表示，大新银行净息差扩阔，财富管理业务表现强劲，信贷成本下降，不良贷款比率也改善，但营运成本增速快于预期。

 匯豐銀行及中銀香港（2388）昨日均提交了參與「跨境理財通」的申請。中銀香港個人金融及財富管理部總經理陳文表示，有信心可成為首批推出的銀行，該行個人數字金融產品部副總經理周國昌補充，若監管機構在10月完成審批就可推出，本周會就系統、產品、服務、投資者保障等進行最終測試。匯豐亦表示在昨日已提交申請，本港兩大銀行或在10月推出理財通服務。

北向理財通最終未如業界所願，客戶不能見證開戶須親身北上。目前中銀是目前本港唯一可通過見證開戶流程，開設內地帳戶，截至上半年累計14萬個帳戶，但陳文表示，上述帳戶是否可作為理財通投資戶口，有待監管當局進一步確定，而他有信心中銀能成為首批可用於北向通投資的見證開戶試點銀行。

財庫局局長許正宇昨日表示，目前內地居民可見證開立香港銀行戶口，要讓港人不須到內地親身開戶，下一步要視乎如何在現有的基礎上，循序漸進地推進。

連結