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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (September 29) that the Monetary Authority has granted a banking licence to BOCOM Hong Kong Limited (BoCom(HK)) under the Banking Ordinance. The granting of this banking licence takes effect today.
BoCom(HK) is incorporated in Hong Kong. It is a wholly-owned banking subsidiary of Bank of Communications Co.,Ltd (BOCOM). According to the July 2015 issue of The Banker, BOCOM is the 5th largest banking group in Mainland China and the 17th largest banking group in the world in terms of Tier-1 capital.
After the granting of a banking licence to BoCom(HK), the number of licensed banks in Hong Kong is 157.
Ends/Tuesday, September 29, 2015
Issued at HKT 16:30
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