DBS will begin paying up to HK$414 million to investors who have invested about HK$1.86 billion in Lehman Brothers-linked derivative investment products after investigating that the way these were sold did not meet the bank's standards.
It was important for DBS to 'do the right thing' and 'in cases where our standards are not met DBS will not hesitate to make cash compensation', said Richard Stanley, chief executive of DBS (Hong Kong).
The bank would not comment on what the breakdown of the refund would be and which clients (if any) would have priority or what criteria it would use.
No comments:
Post a Comment