09-AUG-1991 15:21
HKGO LONDON
071 493 1964
P.02
CLOSURE OF STANDARD CHARTERED BANK:
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MALICIOUS LIES
THE SECRETARY FOR MONETARY AFFAIRS, MR. DAVID NENDICK, TODAY (FRIDAY) DESCRIBED AS "PURELY MALICIOUS LIES" REPORTS THAT THE UNITED KINGDOM OPERATION OF THE STANDARD CHARTERED BANK HAS
CLOSED.
SIGNS WERE EMERGING THAT THIS MIGHT BE PART OF AN
ORCHESTRATED CAMPAIGN BY IRRESPONSIBLE INDIVIDUALS.
HE DENOUNCED SUCH BEHAVIOUR AND STRESSED THAT THERE WAS
ABSOLUTELY NO REASON TO LOSE CONFIDENCE IN THE BANK OR THE HONG KONG BANKING SYSTEM.
HE MENTIONED THAT HE HIMSELF BANKED WITH THE STANDARD CHARTERED BANK AND HAD NO INTENTION OF WITHDRAWING ANY OF HIS FUNDS.
MR. NENDICK ALSO POINTED TO THE FOLLOWING FACTS CONCERNING THE STANDARD CHARTERED BANK :
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STANDARD CHARTERED BANK IN LONDON HAS ISSUED THE FOLLOWING PRESS STATEMENT TODAY
THE HONG KONG GENERAL MANAGER OF THE STANDARD CHARTERED BANK IS THE CHAIRMAN OF THE HONG KONG ASSOCIATION OF BANKS
THE BANK IS ONE OF THE TWO NOTE ISSUING BANKS IN HONG KONG
THE BANK HAS A LONG STANDING BUSINESS RELATIONSHIP WITH THE EXCHANGE FUND AND THIS WILL CONTINUE
THE BANK IS ONE OF THE AGENTS FOR THE CONDUCT OF MONETARY POLICY
NOTE TO EDITORS :
THE FOLLOWING STATEMENT WAS ISSUED AT 9.50 A.M. LONDON TIME:
"STANDARD CHARTERED BANK WISHES TO MAKE IT CLEAR THAT THE RUMOURS CIRCULATING IN HONG KONG TO THE EFFECT THAT IT IS EXPERIENCING PROBLEMS WITH ITS BANKING LICENCE IN THE UNITED KINGDOM ARE TOTALLY UNFOUNDED. MOREOVER, RUMOURS THAT ITS SHARES HAVE BEEN SUSPENDED ON THE LONDON STOCK EXCHANGE ARE ALSO COMPLETELY UNTRUE. THIS STATEMENT IS BEING ISSUED WITH THE FULL KNOWLEDGE OF THE BANK OF ENGLAND AND THE LONDON STOCK EXCHANGE.