The Hong Kong Monetary Authority announced Friday that it has granted a banking licence to EFG Private Bank SA (EFGPB) under the Banking Ordinance to take effect from 14 November 2001.
EFGPB is a subsidiary of EFG Bank European Financial Group (EFGBG); both banks are incorporated in Switzerland and, according to The Banker, July 2001 issue, rank 5th and 6th respectively in terms of tier one capital and total assets in Switzerland.
EFG Bank Group's Private Banks were established with the sole aim of providing international private banking services from the key European and offshore jurisdictions. EFG Securities already has a base in Hong Kong, which it says is ideally located near the Group's clients from China, Taiwan, and the Philippines.With the granting of a banking licence to EFGPB, the number of licensed banks in Hong Kong has increased to 149.
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