The Hong Kong Monetary Authority (HKMA) has granted a restricted banking licence to Nedcor Bank Limited (NBL) under the Banking Ordinance, with effect from 16 July 2001.
In Hong Kong NBL has a wholly owned subsidiary, Nedcor Asia Limited (NAL), which is a restricted licence bank. The HKMA has confirmed that the main reason for NBL to establish a branch in Hong Kong is to shift the focus of its Hong Kong operation from a local subsidiary to a branch in order to capitalise on the financial strength of the head office of the bank.
The activities of the Hong Kong Branch of NBL (NBLHK) will be the same as those of NAL, principally in trade financing, syndicated and corporate lending, and private banking. After the completion of the transfer of its assets and liabilities to NBLHK, NAL intends to apply for revocation of its authorisation as a restricted licence bank in Hong Kong.
NBL is a leading banking institution in South Africa and falls under the supervision of South African Reserve Bank. At the end of 2000, consolidated total assets and capital adequacy ratio of NBL were US$17.59 billion and 12% respectively. Profit after tax for 2000 was US$0.7 billion.
After the granting of a restricted banking licence to NBL, the number of restricted licence banks in Hong Kong has increased to 49.
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