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Withdrawals hit Bank of East Asia

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Wednesday, September 24th 2008

The Bank of East Asia has denied rumours that it is in financial trouble, after thousands of customers queued to withdraw their savings.

After weeks of global market turmoil, lines of people quickly formed outside the bank’s branches in Hong Kong.

In a statement, the bank said the rumours were malicious and untruthful, and they had informed the police.

The speculation was believed to have been spread by mobile phone, and drove the bank’s share price down by 11%.

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The rumours started earlier this week and customers descended on branches on Wednesday, despite bank staff handing out leaflets to the crowds denying that the bank was in financial difficulty.

‘Sound and stable’

  • A d v e r t i s e m e n t

“The management of Bank of East Asia hereby states in the strongest possible terms that such rumours have no basis in fact” said the statement.

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This article was posted: Wednesday, September 24, 2008 at 10:40 am

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