Canadian Government Allows Bank to Reopen

United Press International

The Canadian government has authorized the re-opening in Vancouver and Toronto of the Overseas Bank (Canada), whose Hong Kong-based parent was recently by Hong Kong authorities.

Canadian officials said in a prepared statement that they had asked the Canadian operation to remain closed since last Thursday in an attempt to ensure that the Canadian bank was in sound financial condition.

"The Hong Kong government has acquired Overseas Trust Bank, thus resolving any uncertainties about that bank," officials said.

Hong Kong authorities closed the parent bank last week and arrested four of its employees last Thursday night. It was not immediately known why the arrests were made.

The Overseas Bank (Canada) has about 4,000 customers.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
69°