Granting of banking licence to Chinatrust Commercial Bank, Ltd.

A spokesman of the Hong Kong Monetary Authority said today that Chinatrust Commercial Bank, Ltd. ("CCB") had been granted a banking licence by the Monetary Authority under the Banking Ordinance on 11 June 1999.

CCB is a major private commercial bank in Taiwan with diversified business operations. It has forty-four domestic branches and four overseas branches including a branch in New York. Its shares are listed on the Taiwan Stock Exchange.

In Hong Kong, CCB opened its representative office in 1993 and has been operating as a restricted licence bank since early 1997. The reason for upgrading to a full licensed bank is to provide more integrated banking services to its customers.

After the granting of a banking licence to CCB, the number of banks in Hong Kong has increased to 166, of which 31 are incorporated in Hong Kong. Accordingly, the number of restricted licence banks has reduced to 59.

Hong Kong Monetary Authority

14 June 1999