HK Monetary Authority Issues Another Banking License

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Tuesday, March 06, 2001, updated at 09:03(GMT+8)

Business

HK Monetary Authority Issues Another Banking License

The Hong Kong Monetary Authority announced Monday the granting of a banking license to HSBC Bank (Suisse) S.A. (HBS) under the Banking Ordinance.

The license granting, to take effect on March 2, 2001, has brought the number of banks in Hong Kong to 155, of which 31 are incorporated in Hong Kong.

HBS is a bank incorporated in Switzerland and is a wholly-owned subsidiary of HSBC Holdings plc. HBS was set up to conduct private banking business of the HSBC Group.



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	The Hong Kong Monetary Authority announced Monday the granting of a banking license to HSBC Bank (Suisse) S.A. (HBS) under the Banking Ordinance.




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