wayneL
VIVA LA LIBERTAD, CARAJO!
- Joined
- 9 July 2004
- Posts
- 25,948
- Reactions
- 13,240
Wednesday September 24, 02:29 PM
Hong Kong Bank Mobbed By Savers
By Sky News
Thousands of savers mobbed branches of Hong Kong's third largest bank amid panic that exposure to fallen giants Lehman Brothers and AIG might bring the business down.
The Bank of East Asia, which has branches in London and Birmingham, looked
(Advertisement)
in danger of becoming the latest casualty of the global financial crisis as crowds scrambled to withdraw their cash.
The drama came just days after the company revised its earnings downwards by almost 12% after it found that one of its workers had buried losses from an unauthorised trade.
Police were called in to control the crowds after text messages flashed across the city warning the bank was unstable as it held a large number of assets linked to the failed Wall Street bank and the troubled insurance firm.
But BEA and the city's financial authorities moved quickly to rebuff the accusations, insisting the bank was in a solid financial position.
"It has come to the notice of The Bank of East Asia (BEA)...that malicious rumours have been circulated questioning the stability of the bank," the bank said in a statement.
"The management of BEA hereby states in the strongest possible terms that such rumours have no basis in fact. The management further confirms that the bank's financial position is sound and stable."
Branches across the city were beset by throngs of customers.
Up to 400 savers, many of them elderly, had to be held back as they battled to get inside one branch of BEA in the south of Hong Kong island before it closed.
Especially if it was Bankwest
Especially if it was Bankwest
Haha.
What do you reckon would happen if I gathered about 30 people together, and started milling around outside a bank?
Would be a good social experiment right now I reckon.
Give it another few months and Commonwealth might own BankWest anyway.my old man closed his $150k bankwest account today as well and moved to commonwealth.
On the basis of the previous performance of the ratings agencies, I have to say I find that less than reassuring.The Sydney Morning Herald - Weekend edition Sep 27 - 28 2008 Pg 28
"...Indeed, of 250,000 banks in the world, only 18 are rated a AA investments, and Australia's Big Four are amoung them."
On the basis of the previous performance of the ratings agencies, I have to say I find that less than reassuring.
Dont know if it means anything but last Friday I was at the local Westpac bank early afternoon and the teller told me that they was running out of money because they have had a large mount of withdrawals I did not have any problems but the guy next to me did not look too happy.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?