Granting of banking licence to BNP PARIBAS PRIVATE BANK

The Hong Kong Monetary Authority announced today (Thursday) that the Monetary Authority has granted a banking licence to BNP PARIBAS PRIVATE BANK ("PRIVATE BANK") under the Banking Ordinance. This grant of banking licence took effect on 14 August 2002.

PRIVATE BANK, a bank incorporated in France, is a wholly owned subsidiary of BNP PARIBAS S.A. (BNPP). BNPP is one of the largest banking groups in the world and has maintained a branch in Hong Kong since 1958. According to The Banker, July 2002 issue, BNPP ranks 15^th and 7^th in the world and 2^nd and 1^st in France in terms of tier 1 capital and total assets respectively.

With the grant of a banking licence to PRIVATE BANK, the number of licensed banks in Hong Kong has increased to 134.

For further enquiries, please contact:

Sylvia Yip, Manager (Press), at 2878 1687 or
Thomas Chan, Senior Manager (Press), at 2878 1480

Hong Kong Monetary Authority
15 August 2002