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Events on Sunday 26 February 1995 1
1995Barings Bank collapsesRogue trader Nick Leeson's losses sink Britain's oldest merchant bankBarings Bank, one of Britain's oldest merchant banks, collapsed after unauthorized derivatives trading by Singapore-based trader Nick Leeson racked up losses of about 827 million pounds. The bank was sold to ING for a nominal sum. The scandal became a byword for inadequate risk controls in financial institutions.