Granting of restricted banking licence to SPC Credit Limited

A spokesman of the Hong Kong Monetary Authority said today (2 September 1997) that SPC Credit Limited (SPC) had been granted a restricted banking licence by the Monetary Authority under the Banking Ordinance on 1 September 1997.

SPC is a wholly owned subsidiary of American International Group, Inc. ("AIG"), which is a US-based international insurance and financial services organisation. SPC has operated as a deposit-taking company since 1976. Its main business is the provision of residential mortgage loans, taxi/public light bus financing and consumer finance.

After the grant of a restricted banking licence to SPC, the number of restricted licence banks in Hong Kong has increased to 65.

Hong Kong Monetary Authority

2 September 1997