It has emerged this week that banking licences have been granted to Credit Agricole (Suisse) SA, and Societe Generale Bank and Trust, under the Hong Kong Banking Ordinance.
The Hong Kong Monetary Authority announced that it has granted a restricted banking licence to Credit Agricole which took effect May 23, and a banking licence to Societe Generale, which came into force on Wednesday.
Swiss-based Credit Agricole is a wholly owned subsidiary of the Credit Agricole Group, and mainly engages in private and corporate banking, and capital markets activities.
Societe Generale Bank and Trust, meanwhile, is incorporated in Luxembourg, and is a wholly-owned subsidiary of Societe Generale. According to the July 2005 issue of The Banker, it was the fourth largest bank in Luxembourg in terms of tier 1 capital.
These new licences raise the number of restricted-licence banks in Hong Kong to 32, and the number of licensed banks to 134.
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