Swiss Bank, Security Pacific Close FX Operations In Australia, As Economy, Consolidation Weigh

BANKS

In what is increasingly becoming a sign of the times down under, Swiss Bank Corp. and Security Pacific National Bank (Sec Pac) shut down their foreign exchange trading operations in Australia this month. The move follows a similar decision by Midland Bank earlier this year.

Although each bank has its own particular set of reasons, sources at all three banks say that the decisions were affected by the weakness of the Australian economy, the need to centralize and consolidate treasury operation