New deposit-taking company for Hong Kong

The Hong Kong Monetary Authority has authorised Kexim Asia Limited as a deposit-taking company under the Banking Ordinance. This brings the number of deposit-taking companies in Hong Kong to 37.

Kexim Asia is wholly owned by the Export-Import Bank of Korea, which has maintained a local representative office in Hong Kong since May 2002.

Hong Kong maintains a three-tier system of deposit-taking institutions: licensed banks, restricted licence banks and deposit-taking companies. This latter institution can take deposits of $100,000 or above with an original maturity of no less than three months.

The Export-Import Bank of Korea is an official export credit agency providing comprehensive export credit and project finance to support Korean enterprises in conducting business internationally.

The bank is reported to have the highest credit rating among Korean financial institutions. It was established in 1976.

Ends/Monday, June 14, 2004