Granting of Restricted Banking Licence to Chinatrust Commercial Bank, Limited

A spokesman of the Hong Kong Monetary Authority said today (10 March 1997) that Chinatrust Commercial Bank, Limited (CCB) had been granted a restricted banking licence by the Monetary Authority under the Banking Ordinance on 4 March 1997.

CCB is a commercial bank under the Commercial Banking Law of Taiwan. CCB's business activities include retail banking, commercial lending, trust funds, stock transfer agency, securities trading and underwriting and international and offshore banking.

CCB has been operating a representative office in Hong Kong since November 1993. It now wishes to establish an RLB to better serve the financial needs of its customers in Hong Kong and Taiwan and to participate in the growing trade finance business as a result of increased economic activities between Taiwan, Hong Kong and China.

After the grant of a restricted banking licence to CCB, the number of restricted licence banks in Hong Kong has increased to 63.

Hong Kong Monetary Authority
10 March 1997