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Aug. 2--BoA PREPARING FOR EURO CHANGES: Bank of Asia says it will stop issuing travellers' cheques on Sept 1 in the national currencies of the 11 countries that will fully adopt the euro next year. Foreign currency deposit accounts at BoA and its parent, ABN Amro, will be converted to euros on Nov 30.
Fund transfers after Nov 30 must be in euros. Letters of credit and outstanding contracts also must be converted before Nov 30.
The bank has been selling only euro demand drafts since July 1, in preparation for the phasing out of the 11 national currencies. Euro banknotes will be issued starting on Jan 1 and the 11 national currencies will cease to be legal tender after July 1 next year.
Euro banknotes will be available locally as of Jan 1 as well, but Bank of Asia will continue selling legacy currencies to customers until Feb 28.
"Since euro banknotes will be available beginning on Jan 1, we suggest that anyone travelling to Europe should bring euros," said Panut Duangdurom, senior vice-president of Bank of Asia.
CP ORANGE NAMES NEW TOP EXECUTIVE: CP Orange yesterday announced the appointment of John Houston as the company's chief operating officer.
Mr Houston has 10 years' experience with the Hong Kong-based Hutchison Telecommunications Group in marketing and general management posts, building several successful mobile, paging and information services in Australia.