Granting of restricted banking licence to Citibank (Hong Kong) Limited

The Hong Kong Monetary Authority announced today (Tuesday) that the Monetary Authority has granted a restricted banking licence to Citibank (Hong Kong) Limited ("Citibank HK") under the Banking Ordinance. This grant of restricted banking licence took effect on 28 June 2004.

Citibank HK is a locally incorporated subsidiary of Citibank, N.A. which is a bank incorporated in the United States and a licensed bank in Hong Kong. According to The Banker, July 2003 issue, Citigroup was the largest bank group in the world in terms of tier 1 capital and total assets.

According to its plan, Citibank HK will shortly take up the credit card business of Citibank International, Hong Kong Branch.

With the grant of a restricted banking licence to Citibank HK, the number of restricted licence banks in Hong Kong has increased to 43.

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
29 June 2004