The Hong Kong Monetary Authority (HKMA) announced at the end of December that it had granted a banking licence to HSBC Bank plc under the SAR's Banking Ordinance.
UK-based HSBC, formerly Midland Bank, is wholly owned by HSBC Holdings plc. With its subsidiaries, it provides a wide range of banking, treasury and financial services to personal and corporate customers. It is the HSBC Group's principal operating subsidiary in Europe.
HSBC Bank plc has maintained a Hong Kong representative office since 1991. After the granting of a banking licence to HSBC Bank plc, the number of banks in Hong Kong has increased to 154, of which 31 are incorporated in Hong Kong.
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