Societe Generale, Credit Agricole Granted Banking Licences By HKMA
It has emerged this week that banking licences have been granted to Credit
Agricole (Suisse) SA, and Societe Generale Bank and Trust, under the Hong Kong
Banking Ordinance. The Hong Kong Monetary Authority announced that it has granted a restricted
banking licence to Credit Agricole which took effect May 23, and a banking licence
to Societe Generale, which came into force on Wednesday. Swiss-based Credit Agricole is a wholly owned subsidiary of the Credit Agricole
Group, and mainly engages in private and corporate banking, and capital markets
activities. Societe Generale Bank and Trust, meanwhile, is incorporated in Luxembourg,
and is a wholly-owned subsidiary of Societe Generale. According to the July
2005 issue of The Banker, it was the fourth largest bank in Luxembourg in terms
of tier 1 capital. These new licences raise the number of restricted-licence banks in Hong Kong
to 32, and the number of licensed banks to 134. .
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