Bank Fur Gemeinwirtschaft To Wield Axe, Set To Close Hong Kong And New York Offices
BANKS
German-based Bank fŸr Gemeinwirtschaft AG (BFG) is planning to close its branches in New York and Hong Kong in about six months, a source at the bank says. About 90 employees are expected to be affected by the move.
"The bank has decided to change its strategy and zero more into the European and East European markets," says Donald Culkin, a senior vice president at BFG's New York office.
According to a source at the bank, BFG's dealing centers in Frankfurt, London and Luxembourg will continue to
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