Friday 18 February 2011

Ivory Coast: Standard Chartered among major banks to be 'nationalised'

Five major international banks including Britain's Standard Chartered face being nationalised and their cash seized by Ivory Coast's sitting president, who has refused to step down after losing an election.

Standard Chartered Plc building in Hong Kong, China. Deal to cut banker bonuses in doubt after Standard Chartered pulls out of Government talks
Britain's Standard Chartered is one of five major international banks facing nationalisation in Ivory Coast  
Photo: Bloomberg News
 Photo: Bloomberg News5:08PM GMT 18 Feb 2011

Laurent Gbagbo's government – declared illegal by the international community – cannot pay civil servants' salaries because the West African regional central bank refuses to honour his signature.

Instead, he plans to take over the assets and branches of major banks and pay February's state salaries directly, Mr Gbagbo's spokesman said on national television late on Thursday.Read More
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