The Hong Kong Monetary Authority (HKMA) announced Thursday that it has granted a banking licence to ING Asia Private Bank Ltd (IAPB) under the Hong Kong Banking Ordinance.
IAPB is incorporated in Singapore and a wholly owned subsidiary of ING Bank N.V. According to the July 2007 issue of The Banker, ING Bank N.V. is the 2nd largest bank in the Netherlands and the 15th largest bank in the world in terms of total assets.
The granting of this banking licence took effect on 19 March 2008.
After the granting of a banking licence to IAPB, the number of licensed banks in Hong Kong has increased to 143.
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