Unit 18 banker’s profit from attention to detail

1. Pronounce the following words and word combinations. Use a dictionary if necessary.

To cater, mahogany-panelled, to unveil, unscathed, expertise, derivatives, digit, diaspora, liquid, to acknowledge, severity, amid, fierce, restructuring.

2. Give Russian equivalents to the following words and word combinations.

An unlikely place for a confession, investment banking group, capital projected products, initial public offerings, technology stocks, to remain unscathed, the bursting of the stock market bubble, derivative, a private banking arm, double digit returns, trust services, clampdown, to remain coy, dedicated client team, personal wealth management, corporate advisory services, minority shareholders, active share trading, untapped private banking market, on-shore markets, to fend off attempts, to poach.

3. Read the text again and answer the following questions.

1. When was SG Private Banking Asia launched into the Asian market?

2. How is a typical European bank described in the article? What can you say about SG?

3. What clients does SG Private Banking Asia usually deal with?

4. What policy does SG pursue?

5. Is the bank profitable or not? Use the data from the article.

6. How did Mr Truchi make the bank succeed in the late 1990s? How did he help many clients remain relatively unscathed during the bursting of the stock market bubble in 2000?

7. How did SG penetrate into the trust services market?

8. What will help such banks as SG compete against traditional off-shore centres in Europe?

9. What kind of services does the bank offer its clients?

10. Do Asian clients of SG differ from their US and European counterparts? Why?

11. What market does the bank consider as relatively untapped and what was done to penetrate into it?

12. Is SG planning to expand its business into some other markets? Which ones and why?

13. Why did the team of the bank have to persuade some Chinese and Indian entrepreneurs to segregate their personal assets from their corporate assets? Try to explain it from your point of view.

14. What does Mr Truchi think about the hiring policy of the bank?

4. Complete the sentences with the information taken from the text.

1. Mr Truchi has … himself against large … , such as US investment banking groups.

2. Mr Truchi says that private banking is not only about … and … … .

3. SG Private Banking Asia has continued to develop and push … products that offer … … returns.

4. Many off-shore centres in Europe have been hit by a European Union clampdown on … … and … … .

5. Mr Truchi believes that Singapore-based firms will be able to maintain their level of … … , despite EU pressure.

6. He insists that … … is not a major … in Singapore.

7. SG Private Banking Asia offers a combination of personal … … and … … services.

8. Following the … of Chase Trust Bank Japan, SG launched a domestic … … banking operation in Japan in 2002.

9. The bank has to demonstrate that it can stand up to its large … amid … … for banking talent.