In June 1984, a three-man delegation of business leaders from Hong Kong made a pilgrimage to Beijing to meet with paramount leader Deng Xiaoping. One member of the group was Lee Quo-wei, then executive chairman of Hang Seng Bank Ltd., creator of the Hang Seng Index and one of the most prominent financial institutions in the territory.
U.K. credit unions, which have total assets of 537 million pounds ($895 million), face new rules from Britain’s financial regulator as the government prepares to let them carry out a wider range of activities.
The U.S. Supreme Court told a lower court to take another look at a ruling that let the National Credit Union Administration sue a group of banks for allegedly deceiving investors about mortgage-backed securities.
Coast Capital Savings and Meridian Credit Union lead Canadian credit unions planning to take advantage of regulations allowing them to expand across the country, challenging bigger competitors such as Royal Bank of Canada.
Some rural credit unions set up in eastern China as part of trials designed to improve financial services in the countryside have been unable to pay depositors since the start of 2013, China National Radio reported.
Goldman Sachs Group Inc. was accused by the National Credit Union Administration in a lawsuit of violating federal and state laws in the sale of mortgage-backed securities to now-failed corporate credit unions.