Granting of the transfer of the banking licence of Hanil Bank to The Commercial Bank of Korea, Limited

A spokesman of the Hong Kong Monetary Authority ("HKMA") said today (4 January 1999) that the HKMA had granted the transfer of the banking licence of Hanil Bank to The Commercial Bank of Korea, Limited ("CBK") under the Banking Ordinance. This grant of transfer took effect on 31 December 1998, following the merger of the two banks on that day.

Upon the merger, CBK immediately changed its name to Hanvit Bank. The transfer of the banking licence enables CBK (now known as Hanvit Bank) to continue the banking business previously carried on by the Hanil Bank in Hong Kong. CBK is under the direct supervision of the Financial Supervisory Services, the banking supervisory body in Korea.

Since this involves only the transfer of a banking licence, the total number of banks in Hong Kong remains unchanged at 171.

Hong Kong Monetary Authority
4 January 1999