A GROWING PRESENCE IN THE EUROMARKETS
In August 1985, the co-operative banks signalled their emergence as
a major force in the Euromarkets when they syndicated one of the largest
ever multi-currency issues for the World Bank. The $325 million
(equivalent) facility (the second by UNICO for the World Bank) consisted
of eight currency tranches including six private placements in
Deutschemark, yen, Danish kroner, Dutch guilders, Austrian schillings
and Ecus. It was co-ordinated by DG Bank and included all the members
of the UNICO Banking Group, as well as six smaller co-operative
institutions.
The issue was well received and according to Anthony Tuk, General
Secretary of the UNICO Banking Group, attracted considerable attention
from commercial bankers gathered in Seoul for the IMF meeting.
"All the commercial banks were talking about the issue," he
said. "Once again they found that the co-operatives were active in
a market which they had previously thought us incapable...
