Granting of banking licence to Bank of Baroda

The Hong Kong Monetary Authority announced today (Monday) that the Monetary Authority has granted a banking licence to Bank of Baroda (BoB) under the Banking Ordinance. The granting of this banking licence took effect on 25 August 2006.

BoB was incorporated in India in 1908. According to the July 2006 issue of The Banker, BoB was the 6^th largest bank in India in terms of total assets.

After the granting of a banking licence to BoB, the number of licensed banks in Hong Kong has increased to 137.

For further enquiries, please contact:
Ying-ying Cheng, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
28 August 2006