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This Month: Main News - Latin America's Bank Of The South Opens For Business.(ABN AMRO Bank N.V and Rothschild Group have discontinued theirjoint venture)(ING Australia acquires FSP Group)
- Article from:
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The Banker
- Article date:
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January 1, 2008
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Copyright informationCOPYRIGHT 2008 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Seven Latin American presidents have inaugurated the Bank of the South, which starts operations this month. The regional bank was created amid a widespread perception in South America that adjustment policies imposed by multinational agencies have failed.
The bank has an initial capital of $7bn and is designed to support regional development and integration projects, ranging from road building to anti- poverty programmes and regional integration plans. It aims to offer Latin American countries loans with fewer strings attached than those given by the World Bank, the International Monetary Fund (IMF) or the Inter-American Development Bank.
"I can understand the ...
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