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