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HKMA Registers 34th Deposit-Taking Company

by Mary Swire, for LawAndTax-News.com, Hong Kong

09 October 2006


The Hong Kong Monetary Authority announced last week that it has registered Woori Global Markets Asia as a deposit-taking company under the Banking Ordinance, bringing the total number of deposit-taking companies in Hong Kong to 34.

The registration took effect September 29. Woori Global Markets Asia, incorporated in Hong Kong, is a wholly owned subsidiary of Woori Bank, the third largest bank in South Korea. The bank has a branch in Hong Kong.

Hong Kong maintains a three-tier system of deposit-taking institutions - licensed banks, restricted licence banks, deposit-taking companies. They are collectively known as authorised institutions.

Deposit-taking companies are mostly owned by, or associated with banks. These companies engage in a range of specialised activities, including consumer finance and securities business. They can take deposits of $100,000 or above, with an original term of maturity of at least three months.


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