Continental Closing Office in Singapore
SINGAPORE -- Continental Bank Corp. is closing its Singapore office, a bank spokesman said.
"The closure is part of our overall policy to centralize global trading activities," the spokesman said. The company's two principal global trading centers are in Tokyo and London.
The Singapore branch, which has stopped foreign exchange trading, will stand by its commitments to clients. The closing process should take three to five months.
"We are not in any way exiting the foreign exchange business globally," the spokesman said. "We are not changing our emphasis on it or on risk management business."