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The Hong Kong Monetary Authority announced today (July 10) that the Monetary Authority has granted a banking licence to United Commercial Bank (UCB) under the Banking Ordinance. This grant of banking licence took effect on July 9 2003.

UCB is a bank incorporated in California, the United States of America and has maintained a local representative office since 2001.

With the grant of a banking licence to UCB, the number of licensed banks in Hong Kong has increased to 137.

For further enquiries, please contact:

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

Sylvia Yip, Manager (Press), at 2878 1687

End/Thursday, July 10, 2003

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