The Hong Kong Monetary Authority announced today (Wednesday) that the Monetary Authority has granted a restricted banking licence to Morgan Stanley Asia Private Wealth Management Limited (MSAPWML) under the Banking Ordinance. The granting of this restricted banking licence takes effect today (10 December 2014).
MSAPWML is incorporated in Hong Kong. It is a wholly-owned banking subsidiary of Morgan Stanley (MS). According to the July 2014 issue of The Banker, MS is the 6th largest banking group in the U.S. and the 23rd largest banking group in the world in terms of Tier-1 capital.
After the granting of a restricted banking licence to MSAPWML, the number of restricted licence banks in Hong Kong is 21.
Hong Kong Monetary Authority
10 December 2014