Granting of banking licence to
The Royal Bank of Scotland plc
The Hong Kong Monetary Authority announced today (22 January 2001) that the Monetary Authority has granted a banking licence to The Royal Bank of Scotland plc (RBS) under the Banking Ordinance. This grant of banking licence took effect on 19 January 2001.
RBS is a wholly owned subsidiary of The Royal Bank of Scotland Group plc (RBSG). In March 2000, RBSG acquired National Westminster Bank plc (NWB) and became the second largest banking group in the United Kingdom. RBSG has since then been restructuring its businesses and as a part of the process, the Hong Kong Branch of RBS has been established to take over and continue the business operations of NWB in Hong Kong. NWB will apply for voluntary revocation of its authorization in Hong Kong after completion of the transfer of its assets and liabilities to the Hong Kong Branch of RBS.
With the granting of the banking licence to RBS, the number of licensed banks in Hong Kong has increased to 155, of which 31 are incorporated in Hong Kong.
For further enquiries, please contact:
Jasmin Fung, Manager (Press), at 2878 8246 or
Caitlin Wong, Manager (Press), at 2878 1687
Hong Kong Monetary Authority
22 January 2001
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