Granting of the transfer of the restricted banking licence of Boram Bank to Hana Bank

A spokesman of the Hong Kong Monetary Authority ("HKMA") said today (4 January 1999) that the HKMA had granted the transfer of the restricted banking licence of Boram Bank to Hana Bank ("HB") under the Banking Ordinance. This grant of transfer took effect on 1 January 1999, following the merger of the two banks on that day.

The transfer of the restricted banking licence enables HB to continue the business previously carried on by the Boram Bank in Hong Kong. HB is under the direct supervision of the Financial Supervisory Services, the banking supervisory body in Korea.

Since this involves only the transfer of a restricted banking licence, the total number of restricted licence banks in Hong Kong remains unchanged at 60.

Hong Kong Monetary Authority
4 January 1999