The Hong Kong Monetary Authority announced this week that it has granted a banking licence to The Royal Bank of Scotland plc (RBS), taking effect from 19 January 2001.
In a press release issued by the HKMA, the authority states: 'RBS is a wholly owned subsidiary of The Royal Bank of Scotland Group plc (RBSG). In March 2000, RBSG acquired National Westminster Bank plc (NWB) and became the second largest banking group in the United Kingdom. RBSG has since then been restructuring its businesses and as a part of the process, the Hong Kong Branch of RBS has been established to take over and continue the business operations of NWB in Hong Kong. NWB will apply for voluntary revocation of its authorization in Hong Kong after completion of the transfer of its assets and liabilities to the Hong Kong Branch of RBS.'
With the granting of the banking licence to RBS, the number of licensed banks in Hong Kong has increased to 155, of which 31 are incorporated in Hong Kong.
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