Granting of the transfer of the restricted banking licence of CoreStates Bank, N.A. to First Union National Bank

A spokesman of the Hong Kong Monetary Authority (HKMA) said today (22 May 1998) that the HKMA granted the transfer of the restricted banking licence of CoreStates Bank, N.A. to First Union National Bank (FUNB) under the Banking Ordinance on 15 May 1998.

FUNB is wholly owned by First Union Corporation, a bank holding company which merged with CoreStates Financial Corporation on 28 April 1998. FUNB is headquartered in Charlotte, North Carolina, with more than 2,000 branches in the US, and is now under the supervision of Office of the Comptroller of the Currency. Subsequent to the transfer of restricted banking licence, the Hong Kong Branch remains to focus on correspondent banking and the provision of trade services.

Since it was only involved in the transfer of restricted banking licence, the total number of restricted licence banks in Hong Kong remains unchanged, currently 66.

Hong Kong Monetary Authority
22 May 1998