Thousands of panicked depositors queued outside Bank of East Asia's branches across Hong Kong yesterday to withdraw their life-savings on rumours that the lender was in financial trouble.
The territory has only seen one other bank run since its return to mainland China in 1997, when the International Bank of Asia saw massive withdrawals in November of that year.
“Some people are spreading malicious rumours regarding us, which are not right. We have sufficient liquidity,” David Li, chairman and chief executive of BEA, said yesterday. “I will buy [Bank of] East Asia's shares myself tomorrow,” he added.
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