All is well despite WTC tragedy, say foreign banks

Our Banking Bureau

Mumbai, Sept 12: Families and their near and dear ones working in foreign banks and brokerages with offices located in the World Trade Center can heave a sigh of relief.

Excepting for Morgan Stanley, others like HSBC, Citibank, Standard Chartered Bank (StanChart), Commerzbank, Deustche Bank and Bank of America (BankAm) said they had no casualities resulting from the tragedy at WTC. Casualties, if any, will largely be to those working in Morgan Stanley, which had about 3,500 workers stationed in the complex. The investment bank said that it had ‘limited information’ as to the fate of its employees.

HSBC did have a general branch office at WTC on the ground floor but confirmed that all its staff have been accounted for. HSBC, in a press statement said: “We are deeply shocked by yesterday’s events in the US. Our thoughts are with the families and friends of those affected by the tragedy”.

A Citibank spokesperson said the bank had an office in WTC, but the office was evacuated in time and there were no casualties. The ATM network and other platforms are all available and operational.

StanChart’s premises are located at 7 WTC, which is part of the WTC complex, but it is away from the twin-towers. Staff evacuated following the first impact and were out of the building by 9:20 am (New York time). The bank, is a statement said: “Under procedures, they will make contact as they return home. In view of the disruption in communications in the US, we are still confirming the safety of our members. At this stage, until the wider situation is clearer, it is not possible to quantify the business impact”.

An Commerzbank official in Mumbai said that they have received information from their colleagues in the US and that there has not been any impact.

Deutsche Bank has said that its disaster site is operational and is located in New Jersey. Said Deustche Bank in a statement:
“Information on the tragedy has been limited to what has been reported in the press. Despite that, we continue to endeavor to obtain more precise information on the extent of the damage and injuries involved. At this point in time, our primary concern is for the well-being of Deutsche Bank staff located at the WTC whom we understand were all safely evacuated”.

“As the full story of the attack unfolds, Deutsche Bank would like to reassure its clients that all of its business units are still functioning, even as a robust credit review process is being conducted. We have activated our recovery plans”.

BankAm has closed certain facilities for the safety of its associates, said its website. The bank has assured people that its financial systems have not been affected and the bank expects to return to business as usual on Wednesday in the majority of its markets.