The parallels between the use the Soviet Union has made of its foreign banking operations and the alleged connections between Western intelligence services and BCCI and BNL are quite striking.
The Soviet foreign banking network is wholly owned by the Kremlin and utilized routinely by the KGB, the CPSU and the Soviet military to fund a range of activities inimical to vital Western interests.
For months, the U.S. has tried to show banks worldwide how the Central Bank of Iran has abused the global financial system by helping Iranian banks evade financial sanctions--often with unwitting involvement from foreign banking partners.
The combination ticks every box, bringing a presence in key markets for Chinese clients and exposure to a sophisticated foreign firm with skills in areas like investment banking and foreign-currency funding.
But without the ability to compete on interest rates, says Mr Sheng, China will anyway find it hard to attract foreign investment in banking.
For the first time in years, the Canadians also face a foreign challenge in retail banking.
In Latin America, foreign involvement in the banking system goes back several decades.
The two committees of Congress formally charged with jurisdiction for export administration issues are House Foreign Affairs and Senate Banking and Urban Affairs.
Yet even among nationalistic Asians, attitudes are changing, if for no other reason than the desperate need for foreign capital to rebuild banking systems.
Even so, Paulo Ferraz, Bozano, Simonsen's chief executive, insists his group retains advantages lower costs as well as local contacts over foreign rivals in investment banking.
Without any proposed capital controls or explicit enforcement measures, the U.S. Markets Security Act of 1997 contains a clear message: The relevant Committees of the Congress including Banking, Foreign Relations and Intelligence are now watching, even if most in the Executive Branch and the markets remain perilously dismissive of this complicated 21st century security challenge for this country and our allies.
CENTERFORSECURITYPOLICY: Testimony of Roger Robinson on market security
Without any proposed capital controls or explicit enforcement measures, the U.S. Markets Security Act of 1997 contains a clear message: The relevant Committees of the Congress -- including Banking, Foreign Relations and Intelligence -- are now watching, even if most in the Executive Branch and the markets remain perilously dismissive of this complicated 21st century security challenge for this country and our allies.
CENTERFORSECURITYPOLICY: Testimony of Roger Robinson on market security
Overall profits for China's banking sector, including foreign and local banks, rose 39% last year, according to the China Banking Regulatory Commission.
In the case of Thailand, the opening of an offshore banking center for foreign banks, intended to increase capital inflow, proved far too successful.
As finance minister and head of the central bank, he has cut taxes and liberalised the pension system, in addition to opening the banking sector to foreign competition.
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Only in Brazil, where a lot of bank assets are still under government control, and where there are three large, healthy private Brazilian banks, is the share of banking assets under foreign control likely to remain relatively low.
For the most part, however, even when they have local banking licences, foreign banks prefer to stick to a handful of ultra-respectable corporate clients in Moscow, rather than risk the costs and uncertainties of dealing with ordinary Russian individuals and businesses.
The foreign banks that cluster there account for over half of all banking liabilities in Britain and two-thirds of those in foreign currencies.
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As Argentina has found in recent years, a bigger role for foreign banks usually means a safer banking system.
Foreign banks, which dominate the banking systems in post-communist countries such as Poland and Hungary, have so far been extremely cautious about Russia.
Hungary was the first country to start privatising its banks, and it now has the highest level of foreign ownership (57% of banking assets).
Hungary's banking market is mostly foreign-owned and highly competitive.
Specifically, keep an eye out for multiple congressional committees (homeland security, foreign relations, armed services, banking, and intelligence) eager to become a part of a successful initiative to thwart the Iranian bomb.
Hong Kong and Argentina, which both have boards, have shown that they can withstand huge swings in investor confidence mainly because a currency board forces prudence in the banking system and encourages foreign ownership.
Another helpful change would be to open the banking industry to more foreign competition, as Jeffrey Lang, an American trade official, urged the South Korean government to do in talks in Seoul on August 19th.
China's banking sector is closed to foreign investors, but the CEO has made a personal crusade of trying to convince Beijing to exempt Taiwan businessmen from restrictions on non-mainlanders.
The letters appear to be tied to a broad Foreign Corrupt Practices Act investigation of the banking industry, said attorneys who are familiar with past FCPA investigations of other industries.
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Chile has the highest share of foreign control (54%) of its banking system.
Senator Biden for foreign policy experience, Senator Dodd on the Banking Committee.
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