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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