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DRAFT SPEECH BY HON DAVID KPTI, JP LEGISLATIVE COUNCIL 9 MARCH 1988
Deutsche Bank (Merger Bill 1988
He said:
Sir, I move the Second Reading of the Deutsche Bank (Merger) Bill 1988
The Bill which I introduce today is, I believe, technical in nature and uncontroversial. I am pleased to report the Bill has been approved by the Government and has been advertised the requisite number of times in the Chinese and English press and I therefore move that the Bill be read a second second time.
It is necessary to have this private Bill because, under the law of the Federal Republic of Germany, Deutsche Bank will absorb Deutsche Bank Asia which is now its wholly-owned subsidiary and which I will henceforth refer to as
to as DB
DIB Asia. On 5 April 1988, DOB Asia will cease to exist and, under German law, all its business, assets and liabilities will be transferred to Deutsche Bank.
Under Hong Kong law the effect of this German law merger is not clear. The Bill seeks to clarify all matters arising from the merger in a manner which affords certainty to DBZ Asia and its customers in Hong Kong.
DBZ Asia has a substantial banking practice in Hong Kong and Hong Kong has an interest in affording certainty and security of business to international banks operating here.
This Bill is not unprecedented. By the Lloyds Bank (Merger) Ordinance of 1985,effect was given in Hong Kong to the merger under English law of Lloyds Bank and Lloyds Bank International. Indeed this Bill is itself modelled on the 1985 Ordinance.
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