Finance
Hong Kong economy to post solid growth in first quarter: finance chief Paul Chan
Hong Kong’s finance chief has predicted the economy to post solid growth in the first quarter, while pledging to press on with plans to control government spending to maintain the city’s competitiveness.
Financial Secretary Paul Chan Mo-po gave his forecast on Sunday in the lead-up to this week’s announcement of gross domestic product (GDP) figures for the quarter.
He said the economy had benefited from the increase in tourist arrivals and exports between January and March, but warned of uncertainties in the global outlook amid an ongoing trade war.
“Driven by these positive factors, the advance estimates on GDP for the first quarter of 2025 to be released this week are expected to be robust,” he said in his weekly blog.
“But looking ahead, the bullying acts and the unilateral protectionism of the United States will continue to haunt the global economic outlook.”
Chan said the number of tourist arrivals in the first quarter had increased by 9 per cent year on year to 12.2 million, thanks to a series of mega-events and large-scale international meetings that boosted the performance of the retail and catering sectors.
US-based bank holding company First Financial Bancorp has completed its previously announced acquisition of Westfield Bancorp and its subsidiary, Westfield Bank.
In June, First Financial agreed to acquire Westfield Bancorp from Ohio Farmers Insurance Company in a cash-and-stock deal valued at $325m.
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With the addition of Westfield Bank, First Financial’s total assets now stand at $20.6bn, strengthening its presence in the Midwest region of the US.
The acquisition is said to expand First Financial’s commercial banking and wealth management services in Northeast Ohio.
Westfield Bank’s retail locations and related services will now operate as part of First Financial’s network.
These branches will retain their current branding until the completion of conversion process, which is expected to occur in March 2026.
The conversion will merge the two banks’ products, processes and operating systems.
Westfield Bank clients will continue to receive services through existing channels, and will receive information about account conversions in the coming months.
First Financial president and CEO Archie Brown said: “This is an exciting step in the growth of First Financial, as the addition of Westfield Bank opens new possibilities for growth and profitability for us in an attractive market.
“We can now bring our wide range of solutions in consumer, commercial, specialty lending and wealth management to new clients, while expanding our geographic footprint for our current clients.
“The First Financial team is thrilled to welcome the Westfield Bank team members to the First Financial family.”
The transaction follows First Financial’s recent expansion activities in the Midwest.
In 2023, the company established a commercial lending presence in Northeast Ohio.
Earlier this year, First Financial announced BankFinancial, the parent company of BankFinancial, National Association, in Chicago, Illinois.
Furthermore, the company has also established a commercial banking presence in Grand Rapids, Michigan.
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