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Granting of banking licence to CREDIT INDUSTRIEL ET COMMERCIAL
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The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority announced today (August 12) that the Monetary Authority has granted a banking licence to CREDIT INDUSTRIEL ET COMMERCIAL (CIC) under the Banking Ordinance. The granting of this banking licence takes effect today. 

     CIC is incorporated in France. It is a part of the Crédit Mutuel Group (CM Group). According to the July 2016 issue of The Banker, CM Group is the 5th largest banking group in France and the 36th largest banking group in the world in terms of Tier 1 capital.

     After the granting of a banking licence to CIC, the number of licensed banks in Hong Kong is 157.
 
Ends/Friday, August 12, 2016
Issued at HKT 16:30
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