Edited by Brian Caplen
Bank mergers are putting the dampers on the party spirit at the IMF/World Bank meetings. The latest casualty is the Republic National Bank of New York, famous for its lavish receptions at the National Gallery of Art. Aficonados considered the sumptuous Republic do as the highlight of the social calendar at the Washington pow-wow.
But then along came HSBC which gobbled up New York's third largest bank and didn't care to leave anything on the table for World Bank gourmets. A big boo to Wayfoong. Was it the takeover artist's desire to show who's in charge that killed off the event or the legendary thriftiness of HSBC's Scottish management?
The decline of extravagant parties at the annual meetings is, alas, a sign of the times. Whereas banks once tried to out-do each other with their generosity, now the message in the age of shareholder value seems to be: look how seriously we pay attention to costs. In the last few years, banks such as Merrill Lynch and CSFB ceased holding grand affairs and now Republic National has joined the list.
Fortunately not everyone is being so puritanical. Not unfamiliar to the party scene, Arab Banking Corp is holding its soirée on Monday September 27 at the Park Hyatt Hotel. Last year's reception was graced by over 600 delegates and the bank expects nothing less this year. Light entertainment will be in the form of a strolling violinist and three harpists. The night's menu will emphasize variety which is good news for those finicky about their palates. An entire roast lamb promises to be an aesthetic masterpiece which makes one wonder who will dare to take the first bite.
Opting to shy away from the formal ambience of hotels, Barclays Bank has decided to do its entertaining in a more private setting. It has rented one of the oldest houses in Georgetown where guests will be wined and dined in homely surroundings. The neighbourhood was once the home of Pamela Harriman, former US ambassador to France, and more interestingly, daughter-in-law to Winston Churchill.
Seriousness prevails, however, with ING Barings. The firm is hosting a breakfast reception on Monday at an anti-social 7.15 am. Least vociferous about their social activities are Merrill Lynch, JP Morgan and Morgan Stanley. The three banks will be holding private gatherings for their main clientele only, off-limits to freeloaders and journalists.
Too bad. Euromoney scribes will anyway be saving themselves for our own reception taking place on the Garden Court Verandah at the Omni Shoreham Hotel also on Monday between 12.00pm and 2.00pm where awards for the finance minister and central banker of the year will be presented.Linda Lee