Outward bound
Article Abstract:
The banking industry in Singapore has been boosted by high rates of economic growth. The main four banks have grown so large they need to move out of the local market where the population is only 3 million. The Development Bank of Singapore is establishing joint ventures in stockbroking and merchant banking, while Oversea-Chinese Banking Corp is examining real estate and treasury activities. Foreign activities account for some 25% of United Overseas Bank's revenue and the same figure applies to Oversea-Chinese Banking Corp, while Overseas Union Bank receives about 38% of its earnings from abroad.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1996
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Next case: Leeson conviction may not be Barings' last
Article Abstract:
Former futures trader Nicholas Leeson pled guilty on Dec 1, 1995 to two counts of cheating and was sentenced to 6 1/2 years in prison, but further charges may follow against other former Barings Bank executives. Reports on the affair blame James Bax and Simon Jones, Leeson's immediate supervisors, and London-based Peter Norris, head of investment banking, for at least willfully ignoring signs of trouble and possibly colluding to mislead auditors. Singapore may prosecute the three, though extraditing Norris could be tricky.
Publication Name: Far Eastern Economic Review
Subject: Business, international
ISSN: 0014-7591
Year: 1995
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