27 Mar '11, 11am

HK banks to repay Lehman minibond investors

HK banks to repay Lehman minibond investors

HONG KONG: Hong Kong banks that sold minibonds linked to now-bankrupt Lehman Brothers have agreed to repay tens of thousands of investors up to 96.5 per cent of their investment, regulators said Sunday. The 16 banks will buy back a large chunk of the financial products at the centre of a major scandal in Hong Kong, after they were sold to more than 40,000 investors before their value tanked when the US bank went bankrupt in 2008. Investors ploughed a total of HK$15.7 billion ($2 billion) of their savings into minibonds and other complex products backed by Lehman Brothers. Welcoming the deal the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority said the agreement "will provide substantial recoveries for all customers" holding the products. "This outcome would have been seen as impossible in the months following the collapse of Lehman and demonstrates ...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

Tweets

HK Lehman investors reject settlement offer

HK Lehman investors reject settlement offer

channelnewsasia.com 28 Mar '11, 10am

HONG KONG: Some investors in now-bankrupt Lehman Brothers in Hong Kong on Monday demanded a full refund of the money they ...

CapitaMalls Asia seeks HK listing

channelnewsasia.com 28 Mar '11, 3am

SINGAPORE: Shopping mall developer and operator CapitaMalls Asia says it has submitted an application for a secondary list...

Japan banks in 2 trillion yen TEPCO finance pla...

channelnewsasia.com 23 Mar '11, 12pm

OSAKA : Japanese banks and trust groups will provide around 2 trillion yen (US$24.6 billion) to troubled Tokyo Electric Po...

#Banks in #Singapore offer full banking service...

focussingapore.com 15 Mar '11, 9am

OCBC bank in Singapore was formed in the year 1932. Three banks merged to form OCBC bank-the Chinese Commercial Bank Limit...

Hong Kong convicts American Kissel of murder

channelnewsasia.com 25 Mar '11, 8am

HONG KONG : A Hong Kong jury on Friday convicted American housewife Nancy Kissel of murder over the 2003 killing of her ba...

Record low interest rates are allowing some foreign banks to offer cheaper mortgages than their local rivals

Record low interest rates are allowing some for...

straitstimes.com 28 Mar '11, 1am

It is unlikely local banks will respond aggressively to the cheap mortgages offered by foreign banks, say market observers...