Magazine article Business Asia

Crisis Teaches Traders, Banks Valuable Lessons

Magazine article Business Asia

Crisis Teaches Traders, Banks Valuable Lessons

Article excerpt

Economic turmoil in Asia may ultimately benefit traders and financial service providers by forcing them to better understand their markets and minimise future risk, according to the National Australia Bank.

The bank's head of international banking, Trevor Thompson, said the apparent turnaround in Asian economies justified continued engagement in the region.

"There was no reason to fold tents and head home," Thompson said. "We are starting to see some turnaround in the Asian region, although admittedly this is somewhat patchy."

The National offers a range of international trade services in the Asian region, including flexible trade finance in Australian dollars or foreign currencies at fixed or variable interest rates. It also facilitates efficient processing of export and import documents and collections.

These services can be accessed by National Online Corporate, a PC-based system linking customers to the bank via telephone modem.

This enables customers to manage letters of credit and collection transactions without leaving their offices. Other services include access to money market and foreign exchange rates, economic data and commentary and other trade-related functions.

Thompson said a full understanding of Asian markets was essential if businesses were to succeed.

He said the National managed its own and its customers' exposures with minimal stress in Indonesia - the hardest hit of the crisis countries - by having experienced staff in place and long-standing correspondent relationships in the region. …

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