Granting of banking licence to Baden-Wurttembergische Bank Aktiengesellschaft

A spokesman of the Hong Kong Monetary Authority said today that Baden-Wurttembergische Bank Aktiengesellschaft ("BW Bank") had been granted a banking licence by the Monetary Authority under the Banking Ordinance on 25 September, 1998.

BW Bank is the largest private commercial bank headquartered in the State of Baden-Wurttemberg, Germany. It is a universal bank and carries out full banking activities, including investment banking activities. At the end of 1997, its total assets and BIS capital ratio were US$20 billion and 9.7% respectively. Its shares are listed on the securities exchanges of Frankfurt, Berlin, Dusseldorf and Stuttgart.

BW Bank has maintained a representative office in Hong Kong since August 1995. The primary reason for its application for a banking licence is to increase its international operational presence and assist its customers in all international business. BW Bank currently has one overseas branch in Guernsey and 3 subsidiaries in Dublin, New York and Zurich.

After the granting of a banking licence to BW Bank, the number of banks in Hong Kong has increased to 176 of which 31 are incorporated in Hong Kong.

Hong Kong Monetary Authority
28 September 1998