Granting of banking licence to Credit Suisse

The Hong Kong Monetary Authority announced today (27 November 2000) that the Monetary Authority has granted a banking licence to Credit Suisse (CS) under the Banking Ordinance. This grant of a banking licence took effect on 24 November 2000.

CS is a wholly owned subsidiary of Credit Suisse Group, which is one of the largest banking groups in Switzerland and ranks within the top 20 of the world's banking groups in terms of total assets and tier one capital.

CS has operated as a representative office in Hong Kong since 1988. The Hong Kong Branch of CS primarily engages in the provision of private banking services, including deposits and foreign exchange, financing and investment advisory services.

With the granting of a banking licence to CS, the number of licensed banks in Hong Kong has increased to 155.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Caitlin Wong, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
27 November 2000