Citibank said it supported the Government's intervention in the stock and futures markets, saying it was the proper action to take to stamp out speculation.
Stephen Long, the bank's North Asia division head for global corporate banking, said the intervention was justified because the financial market was being manipulated by international speculators.
'They cannot sit back and allow it to happen,' he said yesterday after the launch of Citibank SHKP Club Visa Card.
He said the Government had stated the action did not contravene its commitment to non-intervention and the market would remain open when normality returns.
Meanwhile, Sunny Cheung, the bank's director of sales and distribution, said he expected the bank's default rate on mortgage loans to increase later in the year. But he said the bank preferred re-arranging loan repayments or extending repayment periods to foreclosure.
