Citibank (HK) granted banking licence

A banking licence has been granted to Citibank (Hong Kong) Limited under the Banking Ordinance with effect from October 28.
 
Citibank (HK) is incorporated in Hong Kong and was authorised as a restricted licence bank on June 28. It is a wholly owned subsidiary of Citibank NA, a bank incorporated in the US, which has been operating a branch in Hong Kong for many years.
 
The July issue of 'The Bankers' listed Citigroup as the largest banking group in the world in terms of tier one capital.
 
According to its plan, Citibank will turn part of its Hong Kong operations into a subsidiary. In this regard, Citibank will transfer the consumer banking business of its Hong Kong branch to Citibank (HK) by means of a Private Member's Bill.

The grant of the banking licence to Citibank (HK) allows it to take up the consumer banking business.
 
The move increases the number of licensed banks in Hong Kong to 134.

Ends/Friday, October 29, 2004