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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (March 20) that the Monetary Authority has granted a banking licence to ING ASIA PRIVATE BANK LTD (IAPB) under the Banking Ordinance. The granting of this banking licence took effect on March 19, 2008.
IAPB is incorporated in Singapore and a wholly owned subsidiary of ING Bank N.V. According to the July 2007 issue of The Banker, ING Bank N.V. is the 2nd largest bank in the Netherlands and the 15th largest bank in the world in terms of total assets.
After the granting of a banking licence to IAPB, the number of licensed banks in Hong Kong has increased to 143.
For further enquiries, please contact:
Peggy Lo, Manager (Press), at 2878 1687 or
Hing-fung Wong, Manager (Press), at 2878 1802
Ends/Thursday, March 20, 2008
Issued at HKT 16:31
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