Hong Kong central bank reviews IPOs made by 5 lenders

The central bank in Hong Kong is carrying out a review of the initial public offering (IPO) work done last year by five major lenders.

In a statement made to Bloomberg News, the Hong Kong Monetary Authority (HKMA) revealed it has already completed much of the groundwork of the task and has made recommendations to the banks in question.

These were named as JP Morgan Chase and Co, Royal Bank of Scotland Group, Deutsche Bank, HSBC Holdings and UBS.

Those with banking jobs in Hong Kong may already be aware that the Securities and Futures Commission recently conducted an inspection of 17 of the city district's 73 securities companies.

According to Reuters, meanwhile, a spokesperson for the monetary authority said: "Bank sponsors have been required to give details on the actions that have been or are being taken to address the issues identified, usually with target completion dates."

HKMA recently revealed that it has completed investigating 99 per cent of the some 21,000 complaint cases it has received relating to Lehman Bothers - the global financial services firm that filed for bankruptcy in 2008.