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HKMA Grants Banking License to Credit Suisse
The Hong Kong Monetary Authority (HKMA) announced November 27 that the it has granted a banking license to Credit Suisse, bringing the number of licensed banks to 155 in Hong Kong.
Credit Suisse is a wholly owned subsidiary of Credit Suisse Group, which is one of the largest banking groups in Switzerland and ranks within the top 20 of the world's banking groups in terms of total assets and tier one capital.
Credit Suisse has operated as a representative office in Hong Kong since 1988. The Hong Kong Branch of Credit Suisse primarily engages in the provision of private banking services, including deposits and foreign exchange, financing and investment advisory services.
The banking license took effect on November 24.
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