BANKS have been so stingy with credit in recent days that those who have managed to secure financing are making special mention of them whenever possible.
I first noticed it at the official launch of the Ibis On Bencoolen on Feb 26.
In making his opening speech, Mr Ian Mackie, chief investment officer of LaSalle Investment, Asia, which is the owner of the 538-room hotel on Bencoolen Street, made it a point to thank financiers Royal Bank of Scotland for making the project possible.
He said: “Before, everyone took financing for granted.”
Not too long ago, bankers were never mentioned in such speeches.
The construction firms behind the building would be mentioned, the team that does the design would be mentioned. Everyone would be mentioned - all but the financiers, that is.
Now, things are different. Perspectives have changed.
At the second opening I attended on Monday, a mall owner thanked their bankers – OCBC this time – for lending them money.
Owner of Jurong Point, Starmall Property management director Michael Leong, was the man who did the honours.
It seems that every business is cognisant of the difficulty in getting banks to extend credit.
So, this may be a new trend in opening speeches this year.