Granting of banking licence to Taiwan Business Bank
The Hong Kong Monetary Authority announced today (14 April 2000) that it has granted a banking licence to Taiwan Business Bank (TBB) under the Banking Ordinance on 13 April 2000.
TBB is a bank in Taiwan with its shares listed on the Taiwan Stock Exchange since January 1998. At present, TBB has 118 domestic branches in Taiwan and an Offshore Banking Branch in Taipei. Its overseas presence includes a branch in Los Angeles, and representative offices in Amsterdam, Sydney and Hong Kong. The Hong Kong representative office has been established since 28 February 1994.
At the end of 1999, TBB's total assets and capital adequacy ratio were US$26.83 billion and 9.03% respectively. According to The Banker of July 1999, it ranks 270th in the world in terms of tier 1 capital and 10th in Taiwan.
After the granting of a banking licence to TBB, the number of banks in Hong Kong has increased to 155, of which 31 are incorporated in Hong Kong.
Hong Kong Monetary Authority
14 April 2000
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