Granting of banking licence to Wells Fargo Bank, N.A.

The Hong Kong Monetary Authority announced today (10 August 2000) that the Monetary Authority has granted a banking licence to Wells Fargo Bank, N.A. (WFB) under the Banking Ordinance. This grant of banking licence took effect on 8 August 2000.

WFB is a national banking association organised under the laws of the United States of America and is primarily engaged in retail, commercial and corporate banking, real estate lending, and trust and investment services. WFB is a wholly-owned subsidiary of Wells Fargo & Company, which is also the holding company of Norwest Bank Minnesota, N.A. (NBM). NBM has maintained a presence as a full licensed bank in Hong Kong.

In line with the current strategy of the Wells Fargo Group to convert the Norwest brand name to that of Wells Fargo, the Hong Kong Branch of WFB (WFBHK) will take up and continue to conduct the business of the Hong Kong Branch of NBM. NBM will, after the completion of the transfer of its assets and liabilities to WFBHK, apply for revocation of its authorisation as a bank in Hong Kong.

After the granting of a banking licence to WFB, the number of banks in Hong Kong has increased to 153, of which 31 are incorporated in Hong Kong.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Alice Lo, Manager (Press), at 2878 1843

Hong Kong Monetary Authority
10 August 2000