The Hong Kong Monetary Authority announced today (Friday) that the Monetary Authority has upgraded Mashreq Bank - Public Shareholding Company’s (MB) restricted banking licence to a banking licence under the Banking Ordinance. The upgrade takes effect today (9 May 2014).
MB is incorporated in the United Arab Emirates and has operated a branch in Hong Kong under a restricted banking licence since 2003.
After the upgrade of MB, the number of licensed banks in Hong Kong is 159 while the number of restricted licence banks in Hong Kong is 20.
Hong Kong Monetary Authority
9 May 2014