www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Citibank to buy back Lehman notes

Updated: 2011-07-09 06:53

By Joy Li(HK Edition)

  Print Mail Large Medium  Small 分享按鈕 0

Citibank to buy back Lehman notes

Citibank to buy back Lehman notes

Citibank to buy back Lehman notes

Citibank to buy back Lehman notes

A lone protester stands in front of a Citibank branch in Hong Kong in 2009 protesting against the bank's past sales of controversial financial products backed by Lehman Brothers. The bank said on Friday that it plans to repurchase the notes at 80 percent of the original value. Philippe Lopez / AFP

Despite offer to buy 80% of original value at $140m, the saga rumbles on

Citibank announced on Friday that it has agreed to buy back HK$1.06 billion ($140 million) of structured notes issued by Lehman Brothers and distributed by Citibank in Hong Kong at 80 percent of the original value.

The city's top financial market watchdogs - the Securities and Futures Commission (SFC), along with the Hong Kong Monetary Authority (HKMA) - also announced that they reached an agreement with Citibank (Hong Kong) Limited (Citibank HK) on the sales of market-linked notes (MLNs) and equity-linked notes (ELNs). They are both different products from the minibonds that were issued by Lehman Brothers, the global investment bank that collapsed in the 2008 financial crisis.

The total value of Citibank HK's repurchase offer of HK$1.06 billion covers about 92 percent of its customers holding the outstanding notes.

Citibank HK made the repurchase agreement without admitting any liability, according to a statement.

SFC said the bank's written guidelines to staff regarding the sales of securities were "comparatively sound and provided a foundation for compliance with key regulatory requirements".

However, the regulator raised several concerns in the statement on the bank's guidelines and procedures, such as risk disclosure, assessment of customers' risk tolerance and overall monitoring of the sale process of the notes.

Both SFC and HKMA said in the statement that they will not impose sanctions against the bank and its employees involved in selling the notes.

"This outcome is a demonstrably good one for affected customers and brings the matter to an appropriate conclusion," said the SFC's acting chief executive officer, Alexa Lam.

However, not all the investors were happy with the outcome and some vowed to fight on. Protests have been marked by disenchanted investors who have gathered outside banks in Central to chant slogans and beat drums in anger.

Eddy Chan, convener of the Alliance of Lehman Brothers Victims, said affected investors are very disappointed with the settlement, arguing that the city's regulators have failed to fulfill their responsibilities.

"After Lehman collapsed, both HKMA & SFC made no actions or inspections. Up until now, no banks are punished, and not a single person in the government body shoulders any responsibility," said Chan.

The self-organized group will take to the street on July 9, their sixth protest since May.

"We believe someone must take responsibility and we demand 100 percent payback. The local government has been lousy at handling this, so we hope the central government can step in and take a deep look into it," said Chan.

Friday's agreement with Citibank came after Sun Hung Kai Investment Services was fined HK$4.5 million by the SFC in June for failures including inadequate due diligence and training of staff, among others.

In March, Standard Chartered Plc agreed to repurchase HK$1.48 billion worth of structured notes linked to Lehman Brothers, or 95 percent of the outstanding value.

In March, 16 Hong Kong banks offered to pay back Lehman minibond investors up to 96.5 percent of their investments.

About 43,000 Hong Kong investors bought an estimated HK$15.7 billion worth of Lehman-issued financial products.

joyli@chinadailyhk.com

China Daily

(HK Edition 07/09/2011 page2)

主站蜘蛛池模板: 欧美高清在线精品一区 | 久久精品国产精品青草不卡 | 日本人成免费大片 | 国产亚洲精品久久久久久久 | 最新69成人精品毛片 | 国产精品情人露脸在线观看 | 国产v综合v亚洲欧美大另类 | 国产午夜精品理论片免费观看 | 久久福利青草精品资源站 | 亚洲国产成人久久一区www | 日本高清无吗免费播放 | 久久久一级 | 精品午夜寂寞黄网站在线 | 日韩免费一级毛片欧美一级日韩片 | 国产亚洲精品一区999 | 毛片啪啪视频 | 成人性免费视频 | 成人首页 | 免费人成黄页网站在线观看国产 | 久久精品视频在线观看榴莲视频 | 国产一级片免费观看 | 高清欧美日本视频免费观看 | 扒开双腿猛进入喷水免费视频 | 97午夜影院 | 韩国特级毛片 | 亚洲美女视频一区二区三区 | 大量真实偷拍情侣视频野战 | 日本天堂网在线观看 | 91久久精品国产91久久性色也 | caoporen免费公开视频上传 | 久久精品视频免费看 | 高清精品女厕在线观看 | 中文字幕亚洲一区二区va在线 | 欧美成人3d动漫专区 | 粉嫩高中生的第一次在线观看 | 美女网站在线 | 成人综合影院 | fc2ppv在线观看 | 精品一区二区在线观看 | 无套内谢孕妇毛片免费看 | 最近中文字幕在线 | 中文 |