Granting of the transfer of banking licence from HSBC Bank USA to HSBC Bank USA, National Association

The Hong Kong Monetary Authority announced today (Friday) that it has granted the transfer of the banking licence of HSBC Bank USA (HBUS) to HSBC Bank USA, National Association (HUNA) under the Banking Ordinance. This grant of transfer took effect on 1 July 2004, the date on which the merger of HBUS into HUNA (the "Merger") became effective in the United States.

Upon the Merger, HUNA became the surviving banking entity, while HBUS was dissolved. The transfer of the banking licence of HBUS to HUNA enables HUNA to succeed to the existing business of the Hong Kong Branch of HBUS.

Since this only involves the transfer of an existing banking licence, the total number of licensed banks in Hong Kong remains unchanged, currently 134.

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
2 July 2004