It’s an awful word, admittedly, but “globalisation”, both of the world economy and business strategy, does seem to have been the big theme of 1997 for business and finance. When you think about it, virtually all the significant business and financial events of the year have been driven by the perceived need to adapt to progressive integration of the world economy. It scarcely needs saying that this process is by no means a new one; it is as ancient as trade itself. In the year ended 31 March this year it made an operating profits after exceptional items of pounds 1.4m on income of pounds 166m, representing a return on net assets of just 0.5 per cent. Hambros shares ended the day at 252p.Sir Chips Keswick will remain chairman of Hambros but will become a senior adviser to Societe Generale on banking and capital markets.

He owns 462,000 ordinary shares and has options over a further 285,000 shares, although the vast bulk of these are at exercise prices above the current share price.The document also confirms that there will be “significant redundancies” among the 1,400 strong staff of Hambros, concentrated mainly in the central services area.Hambros, one of Britain’s few remaining independent investment banks, has a history stretching back 159 years but has struggled in recent years, its fortunes reaching their nadir with the bank’s involvement in Andrew Regan’s ill-fated bid for the Co-op. Shareholders will be asked to vote on the sale of Hambros Banking Group to Societe Generale and Mr Leathes’ salary and bonus package at an extraordinary meeting at the group’s London offices on 14 January.The offer document detailing the terms of the sale, which was sent to shareholders yesterday, also shows that Mr Leathes holds 97,000 share options exercisable at prices ranging from 182p to 230p. A senior Hambros director is set to receive a package potentially worth close on pounds 1m following the sale of the ailing group’s investment banking business to Societe Generale of France for pounds 300m. Simon Leathes, who will combine the roles of chief executive and finance director of Hambros on completion of the deal, will receive a success fee worth pounds 252,000 for pulling off the sale of the banking business on top of an annual salary and bonus entitlement of pounds 375,000.
In addition, Mr Leathes will be entitled to a pay-off of pounds 275,000 in the event that the rump of the group is taken over, liquidated or sold off piecemeal.

After two separate meetings in New York, bankers issued statements of support for South Korea in a move aimed at giving a psychological boost to the global bail-out effort.. In effect they are asking the Korean government to turn private debt into sovereign debt. The government made it clear that this was too much for it to swallow. Officials in Seoul say that they have never permitted the transfer of private debt to sovereign status and will not do so now. The multi-billion dollar plan to bail out South Korea hit an obstacle yesterday after banks in the US, Europe and Japan said any agreement to roll over short-term debts would depend on the central bank guaranteeing repayments. We always knew we were in the right and while the judgment comes as no surprise it is very satisfying.”The anti-trust claims brought against BA by USAirways are not the same as those lodged by Virgin. However, BA executives believe the judge’s decision to throw out the USAirways case bodes well for how she will approach Virgin’s claims.A Virgin spokesman described this as “a load of tosh” adding: “There is no relevance between the two cases and to say otherwise reflects total ignorance.”.