Our Ref.: B2/9C
30 November 2001
The Chief Executive
subject to the three-building condition
Dear Sir / Madam,
I hereby serve on behalf of the Monetary Authority a notice under section 16(5) of the Banking Ordinance to cancel the condition requiring overseas-incorporated banks licensed in and after 1978 ("relevant institutions") to conduct their business in not more than three buildings.
After the removal of the three-building condition, the guideline on activities that can be conducted at regional offices and back offices by relevant institutions is no longer relevant and has therefore been repealed.
(D T R Carse)
for Monetary Authority