Hong Kong Monetary Authority Grants Banking Licence To Credit Suisse
The Hong Kong Monetary
Authority this week announced that it has granted a banking licence
to Credit Suisse (CS) under the Hong Kong Banking Ordinance. The
banking licence took effect on November 24. CS is a wholly owned
subsidiary of Credit Suisse Group, the Swiss financial giant which
ranks within the top 20 of the world's banking groups in terms
of total assets and tier one capital. CS has operated as a representative
office in Hong Kong since 1988. The Hong Kong branch of CS primarily
engages in the provision of private banking services, including
deposits and foreign exchange, financing and investment advisory
services. With the granting
of a banking licence to CS, the number of licensed banks in Hong
Kong has increased to 155. .
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