TheHKMC was able to issue an impressive HK$1.63 billion ofMBS in the fourth quarter of 1999 withtwo of its keybusinesspartners, namely DaoHengBankandAmericanExpressBank.
Reports say that Bank of China and Seng HengBank, controlled by Stanley Ho, a Macau casino billionaire who part-owns a casino in Pyongyang, are also under investigation.
This year's merger between DBS Group Holdings of Singapore and the Dao HengBank of Hong Kong illustrates the high price outsiders are willing to pay for quick entry--3.2 times book.