Union Bank Of Norway Shuts London Branch
BANKS
Beset on all sides by the ills of today's foreign exchange market, Union Bank of Norway (UBN) has shut down its London branch, though forex trading will continue from Oslo and Luxembourg, says a bank spokesman.
According to treasury director Suzanne Ward, the bank was struggling with the twin demons of meeting Bank for International Settlements (BIS) capital adequacy ratios and the credit problems common to all the Norwegian banks. "Our bank was the best off of the Norwegian banks, but somehow
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