機密
PA
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CONFIDENTIAL #
For discussion
on 15 November 1983
XCC (83)119
Copy No
MEMORANDUM FOR EXECUTIVE COUNCIL HKK 100K
Banking Ordinance
(Chapter 155)
DESK
APPLICATIONS FOR BANKING LICENCES; INDEX
2 3 NOV 1983
HEB231
Introduction
The purpose of this memorandum is to seek Members' advice on applications for banking licences from
and
Banca Commerciale Italiana Citicorp Banking Corporation
Copies of the applications, without the supporting material, A, B are attached at Annexes A and B.
Licensing policy
T
2
Present policy on applications from banks incorporated outside Hong Kong, as ordered by the Governor on the advice of Members after considering memorandum XCC(81)50 on 19 May 1981, and as modified in respect of (a)(ii) below after considering memorandum XCC (82)103 on 31 August 1982 and XCC(83)94 on 30 August 1983, is as follows
(a)
(b)
that applications should be accepted for licences to be granted under section 7 of the Banking Ordinance from banks incorporated outside Hong Kong which satisfy the following
criteria
(i)
(ii)
incorporation in countries the monetary authorities of which exercise effective supervision and have no objection to the establishment of a branch in Hong Kong;
total assets (less contra items) in excess of US$12,000 million (this figure to be reviewed annually against the list of
of the world's largest banks in The Banker);
(iii) availability of some acceptable form of
reciprocity to Hong Kong banks;
that each such licence granted should be subject to the following conditions:
..S. 165
CONFIDENTIAL #