**************************************************
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority announced today (August 30) that the Monetary Authority has granted a banking licence to Union Bank of India (UBI) under the Banking Ordinance. The granting of this banking licence took effect on August 29, 2007.
UBI was incorporated in India in 1919. According to The Bankers, July 2007 issue, UBI is the 9th largest bank in India in terms of total assets.
After the granting of a banking licence to UBI, the number of licensed banks in Hong Kong has increased to 142.
For further enquiries, please contact:
Sara Yip, Manager (Press), at 2878 8246 or
Peggy Lo, Manager (Press), at 2878 1687
Ends/Thursday, August 30, 2007
Issued at HKT 16:30
NNNN