Granting of the transfer of banking licence of Credit Suisse to Credit Suisse First Boston (to be renamed Credit Suisse)

The Hong Kong Monetary Authority announced today (Tuesday) that it has granted the transfer of the banking licence of Credit Suisse to Credit Suisse First Boston under the Banking Ordinance. The transfer took effect on 13 May 2005, the date on which the merger of Credit Suisse (CS) into Credit Suisse First Boston (CSFB) (the "Merger") became effective in Switzerland.

Upon the Merger, CS was dissolved and merged into CSFB in accordance with Swiss law. CSFB changed its name to Credit Suisse immediately following the Merger. The transfer of the banking licence of CS to CSFB enables CSFB to take on the existing business of the Hong Kong Branch of CS.

Following the transfer, the total number of licensed banks in Hong Kong remains unchanged at 133.

For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Kevin Ip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
17 May 2005