Approval of change in authorisation status of Kincheng-Tokyo Finance Company Limited (KTF) from a restricted licence bank to a deposit-taking company

The Hong Kong Monetary Authority announced today (12 May 2000) that the Monetary Authority has approved a change in the authorisation status of Kincheng-Tokyo Finance Company Limited (KTF) from a restricted licence bank to a deposit-taking company under the Banking Ordinance. This approval took effect on 10 May 2000.

KTF was registered as a deposit-taking company in June 1980 and subsequently became a restricted licence bank in July 1991. KTF's application for change in its authorisation status from a restricted licence bank to a deposit-taking company is a commercial decision by the company arising from changes in its business needs.

With the approval of the authorisation to KTF, the number of deposit-taking companies in Hong Kong has increased to 69, while the number of restricted licence banks is now 51.

Hong Kong Monetary Authority
12 May 2000