Granting of banking licence to Generale Bank

A spokesman of the Hong Kong Monetary Authority said today (11 March 1997) that Generale Bank (GB) had been granted a banking licence by the Monetary Authority under the Banking Ordinance on 5 March 1997.

GB is the largest banking institution in Belgium and ranked 78th in the world in terms of tier 1 capital. The GB group has an estimated 30% share of banking business and 15% of the financial market in Belgium. It provides full-services banking through its 1,100 domestic branches and international network of subsidiaries, branches and representative offices around the world including New York, Tokyo, Beijing, Shanghai and Hong Kong.

A full branch will enable GB to maintain its global treasury activities on a 24-hour basis by operating in financial markets of Hong Kong, Brussels and New York.

After the grant of a banking licence to GB, the number of banks in Hong Kong has increased to 183 of which 31 are incorporated in Hong Kong.

Hong Kong Monetary Authority
11 March 1997