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The Hong Kong Monetary Authority announced today (June 3) that it has granted the transfer of the banking licence of Hamburgische Landesbank - Girozentrale - (HLB) to HSH Nordbank AG (Nordbank) under the Banking Ordinance. This grant of transfer took effect on June 2 2003, the date on which the merger of HLB and Landesbank Schleswig-Holstein Girozentrale (LB Kiel) became effective in Germany.

On June 2 2003, HLB and LB Kiel were dissolved and merged into Nordbank in accordance with German law. The transfer of the banking licence of HLB to Nordbank enables Nordbank to succeed to the existing business of the Hong Kong Branch of HLB.

Since this only involves the transfer of an existing banking licence, the total number of licensed banks in Hong Kong remains unchanged, currently 135.

For further enquiries, please contact:

Jasmin Fung, Manager (Press), at 2878 8246 or

Sylvia Yip, Manager (Press), at 2878 1687

End/Tuesday, June 3 2003

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