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HK LegCo Passes Bill of Bank of China Merger
The Bank of China (Hong Kong) Limited (Merger) Bill was passed by the Legislative Council (LegCo) of the Hong Kong Special Administrative Region (SAR)Thursday, paving way for the merger of the Bank of China (BOC) Group in Hong Kong.
The BOC Group is made up of 12 member banks with a total staff of over 17,000. The group plans to transfer the assets and businesses of its existing member banks to the Hong Kong's registered Po Sang Bank to form the Bank of China (Hong Kong) Limited.
The BOC Group gazetted the transformation plan on the government bulletin on May 25 and the LegCo passed the bill for its merger Thursday.
Speaking at the LegCo meeting, K C Au, acting secretary for financial services, said it is the administration's policy to support the continued consolidation of the banking sector in Hong Kong, which would improve its competitiveness, enhance the systemic stability of the banking system and ensure an appropriate degree of protection for depositors' interest.
The administration is of the view that the proposed mergers under the two Bills are in line with the aforesaid policy and conducive to maintaining Hong Kong's status as an international financial center, Au added.
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