Word: hongkonger
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...invasion was dramatized last week by the Hongkong and Shanghai Banking Corp., which has more than 400 branches in 40 countries. It announced that it is negotiating to buy a "significant equity position" in the parent company that owns Marine Midland, the 14th largest U.S. bank, with assets of $12 billion and more than 300 branches in New York State. Other foreign banks have followed the buy-in route too: European American Bank, which is owned by six European banks, bought out the bankrupt Franklin National in 1974 and now has 97 branches in New York City and Long Island...
...Delight. Low overhead and economies of scale have made Pao's fleet attractive to investors who normally steer clear of the speculative shipping market. As a result, Pao has been able to tap, almost at will, the rich and growing capital market in Hong Kong. The Hongkong and Shanghai Banking Corp. has been a steady source of his financing. With its backing, Pao charts the course for his 63-ship fleet through a baffling array of tax-haven companies in Liberia and the Bahamas. The empire is managed through Pao's personal company, World-Wide (Shipping...
Died. Sir Arthur Morse, 75, chief manager of the Hongkong and Shanghai Banking Corp. from 1941 to 1953 and the man most responsible for putting Hong Kong back on its financial feet after World War II, who demonstrated his confidence by redeeming the illegal currency issued by Japanese occupation forces, an operation that eventually cost some $30 million but stimulated the credit and trade vital to commercial survival; of bronchial pneumonia; in London...
...visit to New Delhi comes near the end of Pusey's nine-week Asian tour. He left Cambridge Oct. 4 and has visited universities in Korea, Japan, Taiwan, Hongkong, the Philippines, and Thailand...
Master Stroke. At war's end. Hong Kong was a wreck. Its harbor facilities had been destroyed by bombings, and two-thirds of its population had fled. The colony was flooded with worthless currency called "duress notes," which the Japanese had forced the Hongkong & Shanghai Banking Corp. to issue. The British acted boldly: with the help of the local government and the Bank of England, the corporation redeemed every duress note at face value-an operation costing $30 million. "A master stroke," sighed one relieved financier. "Nothing did more to restore Hong Kong's prestige so quickly...