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Italy's 3rd Biggest Bank Granted Banking License in HK
The Hong Kong Monetary Authority granted a banking license which took effect on Monday to Italian bank Sanpaolo IMI S.p.A. (SPI), the authority announced Tuesday.
SPI has earlier gained control of Banco di Napoli S.p.A. (BdN), which currently operates as a bank in Hong Kong.
The primary reason for SPI's application for a banking license is to take over the business of BdN in Hong Kong as part of the restructuring of the group.
The principal activities of the Hong Kong Branch of SPI (SPIHK) will be the same as those of the Hong Kong Branch of BdN, which focuses on wholesale and commercial banking businesses including syndicated lending, corporate lending and trade financing.
BdN will, after the completion of transfer of the assets and liabilities of its Hong Kong Branch to SPIHK, apply for revocation of its authorization as a bank in Hong Kong.
SPI engages primarily in retail and commercial banking in its domestic market and enjoys leading positions in asset management and investment banking activities. It ranked 3rd among banks in Italy and 63rd globally in terms of capital.
After the granting of a banking license to SPI, the number of banks in Hong Kong has increased to 152.
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