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A spokesman of the Hong Kong Monetary Authority said today (30 September 1999) that Bank of Commerce (M) Berhad ("BOCB") had been granted a restricted banking licence by the Monetary Authority under the Banking Ordinance on 30 September 1999.
BOCB is a Malaysian bank with 50 branches in Malaysia. After the recent acquisition of the commercial banking business of Bank Bumiputra Malaysia Berhad ("BBMB") under a restructuring of the banking business of BOCB and BBMB, it has become the second largest commercial banking group in Malaysia.
The main reason for BOCB's application to establish a branch in Hong Kong is to take over the business of the Hong Kong Branch of BBMB ("BBMBHK") as part of this restructuring process. As with, BBMBHK, the principal activities of the Hong Kong Branch of BOCB will be the provision of syndicated lending, corporate lending and trading financing, mainly to local customers. BBMB will apply to revoke its authorisation in Hong Kong after the completion of the transfer of its assets and liabilities to the Hong Kong Branch of BOCB.
After the granting of a restricted banking licence to BOCB, the number of restricted licence banks in Hong Kong has increased to 60.
Hong Kong Monetary Authority
30 September 1999
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