Granting of banking licence to Standard Chartered Bank (Hong Kong) Limited

Press Releases

05 Mar 2004

Granting of banking licence to Standard Chartered Bank (Hong Kong) Limited

The Hong Kong Monetary Authority announced today (Friday) that the Monetary Authority has granted a banking licence to Standard Chartered Bank (Hong Kong) Limited (SCBHK) under the Banking Ordinance. This grant of banking licence took effect on 4 March 2004.

SCBHK is a locally incorporated subsidiary of Standard Chartered Bank (SCB), which is a bank incorporated in United Kingdom and a licensed bank in Hong Kong. According to The Banker, July 2003 issue, Standard Chartered Group was the 47th largest bank in the world in terms of tier 1 capital.

According to its plan, SCB will transfer the respective undertakings of its Hong Kong Branch and four of its local subsidiaries to SCBHK later this year by means of a Private Member's Bill.

With the grant of a banking licence to SCBHK, the number of licensed banks in Hong Kong has increased to 136.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
5 March 2004

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Last revision date : 05 March 2004