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SUB-PRIME CRISIS IS NOT YET OVER :STANDARD CHARTERED BANK.
NEW DELHI, Nov 1 Asia Pulse - Claiming that the sub-prime crisis in the mortgage market has not affected the bank, Standard Chartered Bank chairman Mervyn Davies on Wednesday said the crisis was not yet over and it would take few months to tide over.
"The sub-prime crisis has been a real shock, though Asian markets like China and India have remained unaffected. It is not yet over and it may take few more months before the crisis is over," said Davies, who is in India to attend the bank's board meeting.
Many banks and financial institutions in the US and Europe went bankrupt due to the crisis in the US where home loan borrowers could not pay their loans after rise in interest rate.
The sub-prime crisis across the world has yet again proved that the (banking) ...
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