finance - ING Bank advisor talks on banking reforms

Douglas Red of the ING Bank will talk this evening - of course again in Sasha's - about China's banking system and its reform in a meeting of the Shanghai Foreign Correspondents Club and Access Asia.
Douglas has seen many of the ups and even more downs during his stay in China. Most notably was the collapse of the GITIC, a provincial investment bank that collapsed at the end of the 1990s and shocked the investors' confidence. The ING was one of the foreign players that only got a part of it capital back, while domestic investors got almost all back. Beijing had been warning against investing into these 'Itics' without its approval, but investors ignored those warnings.