ANDREW JACK in London
GLAXOSMITHKLINE is emptying out tens of millions of euro each day from its bank accounts in Europe’s more fragile countries to minimise the risk of exposure to a regional banking or financial crisis.
GSK chief executive Sir Andrew Witty said that since early last year the UK pharmaceutical group had been conducting “a daily sweep” to remove all cash from most euro zone countries and deposit it in banks “we think are robust and secure”.
He stressed that the euro zone crisis had “settled down” and that GSK’s own debts in the Mediterranean countries had fallen over the past year, but he had no plans to stop the practice “just in case”.
Wednesday, February 08, 2012
GSK emptying bank accounts to limit euro zone exposure - The Irish Times -