Banking News
- HK grants banking licence to SCSB
Date: 4-Sep-2007 Sources: (Xinhua Online)
HONG KONG, Sept. 3 (Xinhua) -- The Hong Kong Monetary Authority announced here Monday that the Authority has granted a banking licence to The Shanghai Commercial and Savings Bank, Ltd. (SCSB) under the Banking Ordinance.
The granting of this banking licence took effect on Aug. 31, 2007.
SCSB was incorporated in Taiwan in 1954. According to the July 2007 issue of The Banker, SCSB is the 11th largest bank in Taiwan and the 290th largest bank in the world in terms of tier one capital.
After the granting of a banking licence to SCSB, the number of licensed banks in Hong Kong has increased to 143.
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