Granting of banking licence to United World Chinese Commercial Bank

The Hong Kong Monetary Authority announced today (Friday) that the Monetary Authority has granted a banking licence to United World Chinese Commercial Bank (UWCCB) under the Banking Ordinance. This grant of banking licence took effect on 24 May 2001.

UWCCB is a bank in Taiwan with its shares listed on the Taiwan Stock Exchange since November 1996. The bank has operated as a representative office in Hong Kong since 12 September 1997. Other overseas presences of the bank includes a branch in Los Angeles, an offshore banking unit in Labuan and representative offices in Singapore, the Philippines and Thailand.

At the end of 2000, UWCCB's total assets and capital adequacy ratio were NT$661.24 billion (equivalent to US$20.04 billion) and 10.93% respectively.

With the granting of a banking licence to UWCCB, the number of banks in Hong Kong has increased to 154, of which 31 are incorporated in Hong Kong.

For further enquiries, please contact:

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

Hong Kong Monetary Authority
25 May 2001