Foreign banks are here to stay

November 1, 2008 | By Raymond Tan In Millionaire Thoughts |

As more and more people see American banks and financial institutions as poisoned chalices, the firms in Asia are busy trying to counter all the negativities.JP Morgan took pains to assure that their Asian operations are not affected by the turmoil in the US.

Meanwhile Citi said it is committed to staying invested in Singapore, which is a key market for Citi globally. The US bank has committed $220 million to integrate its back-office operations at Changi Business Park.

In the same vein, Barclays said it will continue to grow its business in Singapore and the wider Asia-Pacific region when opportunities arise.

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