Granting of banking licence to AIG Private Bank Ltd.

The Hong Kong Monetary Authority announced today that the Monetary Authority has granted a banking licence to AIG Private Bank Ltd. (AIGPB) under the Banking Ordinance. This grant of banking licence took effect on 6 February 2006.

AIGPB is a bank headquartered in Switzerland and has operated a representative office in Hong Kong since October 1985. Its principal activities are private banking, investment advisory and asset management. It is a wholly owned subsidiary of American International Group, Inc.

After the granting of a banking licence to AIGPB, 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
Hing-Fung Wong, Resource Co-ordinator, at 2878 1802

Hong Kong Monetary Authority
7 February 2006