Bank of East Asia, the Hong Kong-based lender, has reduced its recently reported first-half profit after belatedly discovering a HK$93m ($11.9m) trading loss, which it attributed to “an unauthorised manipulation of the valuation of certain equity derivatives held by the bank”.
The bank did not elaborate on the nature of the manipulation and suspended its shares from trading pending a more detailed announcement.
But it reassured investors that the discovery “would have no material effect on the bank's balance sheet or capital, which remains significantly in excess of regulatory requirements”.
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