International Bank of Asia (IBA)

The Hong Kong Monetary Authority (HKMA) notes that IBA has today issued a statement regarding its liquidity position. The HKMA welcomes the bank's declaration that its liquidity position is sound that its parent company, Arab Banking Corporation (ABC) stands behind IBA. This has already been demonstrated by ABC's decision to transfer additional funds to IBA to further increase its liquidity.

In the light of this, the HKMA considers that the management of IBA is taking appropriate steps to ensure that the bank can continue to meet its obligations.

In accordance with its usual policy on the provision of liquidity support, the HKMA stands ready to provide liquidity to IBA on commercial terms should the need arise in the future.

Hong Kong Monetary Authority
10 November 1997