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The Standard Chartered Bank (SCB) will cease to be a note-issuing bank and Standard Chartered Bank (Hong Kong) Limited (SCBHK) will become a note-issuing bank from July 1, 2004 .

The Financial Secretary gave notice in the Gazette today (May 28) amending the Schedule to the Legal Tender Notes Issue Ordinance by repealing SCB from the Schedule and substituting it with SCBHK.

"Banknotes bearing the name of SCB and the existing designs will continue to be legal tender, whether issued by SCB before July 1, 2004, or by SCBHK thereafter," a government spokesman said when announcing the amendment.

The amendment of schedule followed the enactment of the Standard Chartered Bank (Hong Kong) Limited (Merger) Ordinance (the Merger Ordinance) on May 7, 2004.

Pursuant to section 3 of the Merger Ordinance, SCB Hong Kong branch, Manhattan Card Company Limited, Standard Chartered Finance Limited, Standard Chartered International Trade Products Limited and Chartered Capital Corporation Limited (collectively, the Transferring Entities) and SCBHK also gave joint notice in the Gazette today specifying July 1, 2004, as the appointed day for the Merger Ordinance. On that day, the merger of the business of the Transferring Entities with SCBHK will take effect.

Ends/Friday, May 28, 2004

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