Thursday, October 23, 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   
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