Upgrading of Crédit Agricole (Suisse) SA to a licensed bank
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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (March 15) that the Monetary Authority has upgraded Crédit Agricole (Suisse) SA's (CAS) restricted banking licence to a banking licence under the Banking Ordinance. The upgrade took effect today.
CAS is incorporated in Switzerland and has operated a branch in Hong Kong under a restricted banking licence since 2007.
After the upgrade of CAS, the number of licensed banks in Hong Kong has increased to 147 while the number of restricted licence banks in Hong Kong has decreased to 20.
Ends/Tuesday, March 15, 2011
Issued at HKT 16:30
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