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Upgrading of Mashreq Bank - Public Shareholding Company 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 (May 9) that the Monetary Authority has upgraded Mashreq Bank - Public Shareholding Company's (MB) restricted banking licence to a banking licence under the Banking Ordinance.  The upgrade takes effect today.

     MB is incorporated in the United Arab Emirates and has operated a branch in Hong Kong under a restricted banking licence since 2003.

     After the upgrade of MB, the number of licensed banks in Hong Kong is 159 while the number of restricted licence banks in Hong Kong is 20.

Ends/Friday, May 9, 2014
Issued at HKT 16:30

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