Singapore Offshore Banks Report Forex Earnings Boost In 1992
BANKS
Branches of leading international banks in Singapore are reporting healthy foreign exchange earnings for 1992 while calling for further liberalization of the island's banking industry.
In a briefing last week to announce the results for Société Générale's offshore branch in 1992, general manager Bernard Houtekier said treasury and foreign exchange trading accounted for 52 percent of the branch's gross income while corporate banking brought in 48 percent. The branch's net profit for 1992 was $14.8
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