Granting of banking licence to Minghetti Finanziaria S.p.A. (to be renamed Banca di Roma S.p.A., "New BdR")

The Hong Kong Monetary Authority announced today (Tuesday) that the Monetary Authority has granted a banking licence to Minghetti Finanziaria S.p.A. (to be renamed Banca di Roma S.p.A., "New BdR") under the Banking Ordinance. This grant of banking licence took effect on 1 July 2002.

New BdR is a bank incorporated in Italy and a wholly owned subsidiary of Banca di Roma S.p.A, the leading bank of the Bancaroma Group in Italy ("Existing BdR"). Existing BdR has maintained a presence as a full licensed bank in Hong Kong since 1980.

Pursuant to the proposed reorganisation of the Bancaroma Group, which has been scheduled to take effect on 1 July 2002, Existing BdR will be renamed Capitalia S.p.A. and become a bank holding company under the Italian law. It will contribute the business activities of the traditional bank to New BdR which include its domestic and overseas branch network. In Hong Kong, the Hong Kong Branch of New BdR will take over the assets and liabilities and operations of Existing BdR and will continue to pursue the same business strategy as Existing BdR. After the completion of the transfer of its assets and liabilities to New BdR, Existing BdR will apply for revocation of its authorisation as a bank in Hong Kong.

With the granting of a banking licence to New BdR, the number of licensed banks in Hong Kong has increased to 135.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
2 July 2002