HSBC takeover in doubt after probe
Friday 03 September 1999
James Sweeney, head of Republic Bank's securities division, has been suspended and the management of the futures unit has been replaced. The moves followed a letter from the Japanese Financial Supervisory Agency earlier this week informing the bank that it was investigating the matter and requesting further information.
The alleged irregularities are believed to involve Princeton Global Management, an offshore fund targeting large Japanese institutional investors, which is understood to have been a client of Republic.
HSBC, Britain's largest bank, said yesterday it was waiting for further information but it was likely that the deal with Republic, which had been due to close at the end of this month, would be delayed by the investigation.
One banker said: "Either it is a small issue or alternatively it is material and might involve a renegotiation at the very least or, in the worst case scenario, it could be a deal-breaker."
Officials at HSBC said that while the bank was being informed on the progress of the investigation, the matter was an internal one for Republic. "We are working with Republic to close our merger but in the meantime we are reserving our rights," a spokesman said.
News of the problems at Republic comes just days after HSBC's attempts to acquire Seoul Bank in Korea for $900m collapsed after haggling over price.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 iPhone 5c to be discontinued, no iPhone 6c to replace it
Spain accused of 'provocation' after letting Russian submarine refuel off Gibraltar
The difference between a migrant and refugee, in one sentence
Allonautilus scrobiculatus: World's 'rarest' creature spotted for only the third time ever
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Labour leadership: Jeremy Corbyn accused of 'deluding' young supporters with 'claptrap'
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Iain Duncan Smith calls for urgent ESA overhaul as part of drive to cut down welfare costs
iJobs Money & Business
£25000 - £30000 per annum: Recruitment Genius: From modest beginnings the comp...
£35000 - £40000 per annum: Recruitment Genius: From modest beginnings the comp...
£15000 - £65000 per annum: Recruitment Genius: This is an exciting opportunity...
£18000 - £20000 per annum: Recruitment Genius: This is a fantastic opportunity...