The Hong Kong Monetary Authority announced today (Tuesday) that the Monetary Authority has granted a banking licence to CATHAY BANK (CB) under the Banking Ordinance. The granting of this banking licence took effect on 4 April 2007.
CB is a California State-chartered bank and a wholly owned subsidiary of Cathay General Bancorp ("Bancorp"). According to the July 2006 issue of The Banker, Bancorp is the 116th largest banking group in the US and the 680th largest banking group in the world in terms of total assets.
After the granting of a banking licence to CB, the number of licensed banks in Hong Kong has increased to 138.
For further enquiries, please contact:
Hing-fung Wong, Officer (Press), at 2878 1802 or
Thomas Chan, Senior Manager (Press), at 2878 1480
Hong Kong Monetary Authority
10 April 2007