Granting of restricted banking licence to Crédit Agricole (Suisse) SA

Press Releases

24 May 2006

Granting of restricted banking licence to Crédit Agricole (Suisse) SA

The Hong Kong Monetary Authority announced today that the Monetary Authority has granted a restricted banking licence to Crédit Agricole (Suisse) SA (CAS) under the Banking Ordinance. This grant of restricted banking licence took effect on 23 May 2006.

CAS is a bank headquartered in Switzerland. Its principal activities are private banking, corporate banking and capital markets activities. It is a wholly owned subsidiary of the Crédit Agricole Group. According to the July 2005 issue of The Bankers, Crédit Agricole Group is the 5th largest bank in the world in terms of tier-1 capital.

After the granting of a restricted banking licence to CAS, the number of restricted licence banks in Hong Kong has increased to 32.

For further enquiries, please contact:
Ying-ying Cheng, Manager (Press), at 2878 1687 or
Hing-Fung Wong, Resource Co-ordinator, at 2878 1802

Hong Kong Monetary Authority
24 May 2006

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Last revision date : 24 May 2006