Granting of banking licence to The Zenshinren Bank

1. A spokesman of the Hong Kong Monetary Authority said today (11 July 1997) that The Zenshinren Bank (ZB) had been granted a banking licence by the Monetary Authority under the Banking Ordinance on 10 July 1997.

2. ZB is the 56th largest bank in the world in terms of asset size and its operation network comprises 16 domestic branches, an overseas branch in New York, 3 overseas representative offices in London, Singapore and Hong Kong and a securities subsidiary in London. It has been operating in Hong Kong as a representative office since November 1994.

3. ZB wishes to upgrade its representative office to a full branch in Hong Kong to enable ZB to expand its banking and investment business in the Asian region and to provide additional support to Japanese companies who are increasing their presence in Hong Kong and Mainland China.

4. After the grant of a banking licence to ZB, the number of licenced banks in Hong Kong has increased to 183 of which 31 were incorporated in Hong Kong.

Hong Kong Monetary Authority
11 July 1997