52(1)(C) of the Banking Ordinance, 1986. By early October, an agreement was signed for the purchase of
a majority interest in Hong Nin Bank by First Pacific Holdings Ltd. This Company is
is currently managing the bank on behalf of the Commissioner. is expected that First Pacific will become the owners of the bank early in 1987 on completion of
the conditions precedent.
It
28.
During the year 10 new banking licences
were granted by the Governor in Council (5 from Japan, 4 from Australia and 1 from Italy). One American bank ceased business in Hong Kong and its
licence was revoked. A further licence was revoked when in effect the provisions of two licences held by the same owner were combined to allow the bank to have branches in Hong Kong. The Crocker National
Bank licence was revoked when its business was taken
over by Midland Bank Ltd. A major Japanese bank also bought the majority shareholding in a locally
incorporated bank in which it already held a
minority shareholding to give the Japanese bank a branching presence in Hong Kong. Applications were also received from a number of banks for licences in
Hong Kong and at the end of the year these applications were in the course of being processed.
29.
As regards registered deposit- taking
companies, 33 registrations were revoked in the
course of 1986. Three were revoked in the course of
the deposit-taking companies moving to licensed
15