FICTION: Offshore banking cannot be that good as a result of they cannot actually pay the excessive rates of interest they provide. FICTION: Offshore banking is not as large or sturdy as U.S. banking. Following two years of crisis ensuing from the revelation of the Kerviel fraud and then from the eruption of the worldwide monetary disaster , the financial institution appeared to have put things behind it in 2010.
London was once a serious international financial heart for the offshore world, a secure haven the place rich foreigners knew they could rely on English common legislation to guard the confidentiality of their enterprise transactions. Société Générale successfully filed a swimsuit within the UK in opposition to Related Newspapers (the Mail on Sunday’s father or mother firm) for “substantial damage to its fame and prejudice to its commerce”.
They could view these offshore bank liquidations as a feast for the locals courtesy of all the wealthy foreigners. International banks dealing with Individuals should either sign up for “certified middleman” standing with the US authorities (which suggests co-operating on information change) – or their shoppers should endure punitive withholding taxes.
Current in 19 African countries, Societe Generale Group enjoys a novel positioning on the area, permitting it to supply shoppers the expertise and the know-how of a global financial institution and the proximity of a neighborhood financial institution. Societe Generale je banka koja raste sa svojim zaposlenima.
We’re not saying that you’ll lose money in main western banks at present both, but not-so-refined hints like the sub-prime disaster, the Northern Rock and Bradford and Bingley issues within the UK, and the Societe Generale scandal in France, do counsel that we ought to be seeking to make investments not less than part of our portfolios in small, neutral locations which do not have such a excessive level of publicity to risky practices.