The new capital impost will take the big four Australian banks’ minimum common equity tier 1 capital requirement to 8 percent, in line with current capital levels at the lenders, according to their annual reports.
The Australian outfit, which allied with the magic circle firm in May last year and has since moved into their offices on George Street in the city-state, has seen the departure of 11 lawyers and four partners in the region since the beginning of 2012.
The number of new incorporations across the whole offshore region has fallen slightly compared with the previous six-month period but as the number of firms ceasing to trade has also dropped, this has allowed most registries to continue to grow. Many are
Ma Sin-chi, a former Deutsche Bank AG (DBK) managing director in Hong Kong, was sentenced to seven years in jail for accepting HK$24.8 million in bribes.
Overall, 49% thought that no regulator had succeeded in this respect, with a majority of respondents in the US and the UK holding this view.