Granting of the transfer of banking licence from Sumitomo Mitsui Banking Corporation to The Wakashio Bank, Limited

The Hong Kong Monetary Authority announced today (Tuesday) that it has granted the transfer of the banking licence of Sumitomo Mitsui Banking Corporation (Existing SMBC) to The Wakashio Bank, Limited (WB, which has now changed its name to Sumitomo Mitsui Banking Corporation) under the Banking Ordinance. This grant of transfer took effect on 17 March, the date on which the merger of Existing SMBC into WB ("the Merger") became effective in Japan.

Upon the Merger, WB became the surviving banking entity, while Existing SMBC was dissolved. The transfer of the banking licence of Existing SMBC to WB enables WB to succeed to the existing business of the Hong Kong Branch of Existing SMBC.

Since this only involves the transfer of an existing banking licence, the total number of licensed banks in Hong Kong remains unchanged, at 135.

For further enquiries, please contact:

Sylvia Yip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
18 March 2003