Granting of banking licence to MELLI BANK PLC

The Hong Kong Monetary Authority announced today that the Monetary Authority has granted a banking licence to MELLI BANK PLC (MB) under the Banking Ordinance. The granting of this banking licence took effect on 23 December 2005.

MB is incorporated in the United Kingdom. It is a wholly owned subsidiary of Bank Melli Iran (BMI) which operates a branch in Hong Kong under a banking licence.

As part of a restructuring of BMI Group, MB will take over the business of BMI in Hong Kong early next year. BMI intends to apply for revocation of its banking licence in Hong Kong after the completion of the transfer of the assets and liabilities of its Hong Kong branch to MB's Hong Kong branch.

After the granting of a banking licence to MB, the number of licensed banks in Hong Kong has increased to 133.

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
28 December 2005