Upgrading of LLOYDS TSB BANK plc to a licensed bank

The Hong Kong Monetary Authority announced today (Wednesday) that the Monetary Authority has upgraded LLOYDS TSB BANK plc's (LTSB) restricted banking licence to a banking licence under the Banking Ordinance. The upgrade took effect today, 31 March 2010.

LTSB is incorporated in the United Kingdom and has operated a branch in Hong Kong under a restricted banking licence since 1997. According to the July 2009 issue of The Banker, LTSB is the 5th largest bank in the United Kingdom and the 38th largest bank in the world in terms of total assets.

After the upgrade of LTSB, the number of licensed banks in Hong Kong has increased to 147 while the number of restricted licence banks in Hong Kong has decreased to 24.

For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Natalie Wu, Officer (Communications), at 2878 8246

Hong Kong Monetary Authority
31 March 2010