Friday, August 1, 2014   

Banks to buy back Lehman mini-bonds
(10-17 13:11)

Local banks will buy back mini-bonds offered by collapsed US investment bank Lehman Brothers from holders at market value, as proposed by the government, Hong Kong Association of Banks chairman He Guangbei said.

He said Ernst & Young has been appointed as financial consultant to conduct a speedy evaluation of the market value of the products.

Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung and Hong Kong Monetary Authority deputy chief executive Choi Yiu-kwan welcomed the plan.

Chan said it will take some time for banks to evaluate and formulate a buyout plan.

More than 30,000 local investors lost money on Lehman credit-linked notes, known as mini-bonds, after the investment bank collapsed in the wake of the global financial crisis.

STAFF REPORTER   
Other Hong Kong breaking news:
Lawmakers concerned about Occupy Central (08-01 15:21)
Fears over democracy movement (08-01 15:20)
Govt depts told to cut spending (08-01 15:19)
Fiscal reserves down as of June (07-31 16:52)
Activists refuse bail extension (07-31 12:59)
Govt slammed over staff hiring (07-31 12:59)
Tam urges more signatures overseas (07-31 11:38)
Lee Cheuk-yan urges political party legislation (07-31 11:36)
Ebola safeguards announced (07-31 10:07)
Activists plan to refuse to renew their bail (07-30 18:59)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.