C.B.A. office upgraded

Press, 9 April 1981, Page 23

C.B.A. office upgraded

The Monetary Authority of Singapore has given approval to the C.B.A. to upgrade its representative office into an offshore branch incorporating an Asian currency unit, the C.B.A. announced. “'The sound development of Singapore as a principal financial centre in Asia has attracted the C.B.A. to take a stronger role in the financial activities in the Asian market and the conversion to branch status will permit the C.B.A. to increase its activities in the Singapore international money markets, syndicated loan participations, foreign exchange and trade finance facilities. “It will also be better

placed to assist Australian and New Zealand customers in the area by the provision of a wider range of services," a statement said. “The substantial and increasing trade.flows between Australia and New Zealand with the S.E. Asian region provides a sound base to expand the C.B.A.’s. role in the area and it will be seeking to play its part in the growth of Singapore as a major financial centre. “The branch is expected to open during the third quarter of 1981 and will be managed by Mr Neil Jackson, currently the regional representative in Singapore.