Following BNP Paribas' earlier statement, now all French banks have boldly declared that they are pulling out of OECD grey list countries by March 2010:
http://www.reuters.com/article/usDollarRpt/idUSL156191120091001Now considering that there are still some 20+ countries on the grey and black lists, that is a big bold statement to make. So a toast and best wishes to our friends and colleagues in BNP, Société Générale, Crédit Agricole and others, that may be re-trenched, re-allocated or made redundant during this shuffle. Sacrificial sheep.
Au revoir to those beautiful tropical fish screen savers from the Carribbean branches.
Au revoir to those beautiful sandy beach calenders from the Pacific island branches.
Au revoir to those cases of red wine from the Chilean branches.
But think about it a little more.......
Au revoir to being a French bank? Will there be more "bracket" SUISSE "close bracket" companies a-la Crédit Agricole (Suisse) SA to get around Sarkozy deal?
Au revoir to "above board" marketing trips into the Philippines or Malaysia. Avoid your Compliance Officer, throw out your cross border marketing procedure manual and get your vacation disguises, encrypted laptops and disappearing ink pens ready now. Your mission, should you decide to accept it is to go into hostile (but profitable) territory, in clandestine, and should you or any team member be caught or killed, the Bank will disavow any knowledge of your actions. Tis the life of a mercenary in the Légion étrangère.
Au revoir to all those bank accounts under Panamanian foundations and those still grey-listed (Cooks islands, Bahamas, etc) IBCs under management too?
and lastly................
Au revoir to all of you at the Tung Centre or Raffles Quay, if Singapore doesn't make it off the grey list in time (see 12 monkeys post below)
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