Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 10, 1995 TAG: 9503100053
SECTION: BUSINESS PAGE: A-7 EDITION: METRO
SOURCE:
DATELINE: LONDON LENGTH: Short
ING Group agreed to take over Barings for a symbolic 1 pound ($1.61) and a $1.06 billion cash infusion to cover outstanding liabilities.
Barings was back in business in much of the world, but its Japanese stock division and Singapore futures trading division will not resume trading until ``a few technical issues'' are resolved, ING said.
Barings was suspended from trading in Tokyo and Singapore after it went bust amid massive losses in Asian markets. The bank blames trader Nick Leeson, now in jail in Germany and fighting extradition to Singapore, but Leeson's lawyers say he is a scapegoat.
Despite its losses, estimated at $1.4 billion, Barings remained a valuable company with many assets, including its client base, staff and potential for future profits. Britain's oldest investment bank includes Queen Elizabeth II among its clients.
``Our agreement ensures all deposits are safe and we believe it is also fair in relation to other creditors,'' ING Chairman Aad Jacobs said in a statement.
- Associated Press
by CNB