The Hong Kong Monetary Authority (HKMA) yesterday announced that it had granted a banking licence to HSBC Bank (Suisse) SA (HBS) under the Banking Ordinance. The granting of the banking licence took effect on March 2, 2001.
HBS is incorporated in Switzerland and is a wholly-owned subsidiary of HSBC Holdings plc. HBS was set up to conduct the private banking business of the HSBC Group.
With the granting of a banking licence to HBS, the number of banks in Hong Kong has increased to 155, of which 31 are incorporated in Hong Kong. The HKMA recently granted licences to HSBC Bank plc and the Royal Bank of Scotland plc.
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