U.K. Bank Posts Hong Kong Inflow
LONDON - Standard Chartered PLC said Tuesday that $125 million had been redeposited at its branches in Hong Kong.
The funds represent about a third of the withdrawals during a two-day run last week at the Asian outpost of the British bank.
Standard Chartered's chief executive, Ian Wilson, said business had returned to normal at the bank's 115 branches in the colony.
Hong Kong has experienced a series of banking runs after closing the local operations of the Bank of Credit and Commerce International.
Nervous depositors pulled $375 million out of Standard Chartered and withdrew nearly 1% of Citibank's deposits in the British-ruled colony last week.
The Hong Kong government has launched a criminal inquiry into the banking runs. It hopes to track down the source of rumors, which are said to have been deliberately spread to cause financial panic.
