Hong Kong's Bank of East Asia rejects stability rumors

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September 24, 2008 12:06

 
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Hundreds of customers descended on branches of Hong Kong's Bank of East Asia on Wednesday to demand their deposits back after the bank was hit by unconfirmed rumors questioning its stability. As customers lined up outside its offices across the territory, the mid-sized lender insisted that "malicious" rumors spread by "electronic devices" on Tuesday had no basis in fact. "The Bank of East Asia is not suffering from financial difficulties. We have enough cash to handle the needs of depositors," Deputy Chief Executive Joseph Pang told reporters at his company's headquarters Wednesday afternoon.

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