XEROX TELECOPIER 495 :20- 5-88;11:38AM
MAY.20 '88 18:48 LINKLATERS & PAINES HK 5-8108133
JAMES A. WAY ONE
ALAN W BLACK
RES:DENT PASTNERS
BAMSLEY MET NICHOLSOM DVC BARNED
SOLICITORS
SIMON W ATINAH RAYMOND V COHEN RICHARD KENDALL IPENE § 11. LÖW VERONICA A O'SHE!
BRIDGET 3 WILLIAMSON
SHARCH A BEESLEY
NICHOLAS W EASTWELL
KELVIM W Y LO
A LEEN E MCDONALD SVON J PEDIAT
W WILLIAM A. WOODE
852 5 810 8133+
000; # 2
P.002
LINKLATERS & PAINES
14TH FLOOR, ALEXANDRA HOUSE, CHATEN ROAD. HONG KONG
TFLOPHONE: 5 #42488U
TELEX: 83695
FAX. GPS I & II 5-8° 28133 · 5-8 01695
DX-5105JC HONG KONG
DIRECT TELEPHONE W
LONDON
8424849
69 67 GRESHAM STREET LONDON EGY KA TELEPHONE: 01 606 708O
TELEX 884DAD, 888 67/ FAX. 01-606 5113
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NEW YORK
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OUR REF
Foreign & Commonwealth Office,
King Charles Street,
London SW1A 2AH,
England
Att: Paul Fifoot, Esq.
20th May 1988
URGENT
Dear Sirs,
Rainier International Bank
(Transfer of Hong Kong Undertaking) Bill 1988
meaning
We act for Rainier International Bank "RIB" an Edge Act corporation formed under the laws of the United States of America, whose principal office is in Los Angeles, California, U.S.A., and the holder of a licence under Section 15 of the Banking Ordinance of Hong Kong. RIBOS and operates inter alia, nine branches in Hong Kong ("the Hong Kony Branches"} The Governor-In-Council on Tuesday, 26th April, 1988 approved, in principle, arrangements under which the business of the Long Rong/ Branches would be acquired by The Daiwa har
red "Daiva, a Banking corporation incorporated under the laws of Japan, whose principal office is in Osaka, Japan and the holder of a licence under Section 15 of the Banking Ordinance which, by a term of its grant, pursuant to Section 16 of the Banking Ordinance, limits Daiwa's operations in Hong Kong to a single branchf
On Wednesday, 27th April, 1988 a conditional agreement)("the Agreement") was signed by RIB and Daiwa under which RIB agreed, subject to the satisfaction of certain conditions, to sell the Hong Kong Branches to Daiwa. The arrangements contemplated by the parties and by the Commissioner of Banking are that upon completion of the Agreement, the
isting licence held by Daiwa under Section 15 of the Banking Ordinance will be amended by the ramova of the condition restricting its operation Lo a single branch (pursuant to Section 17 of the Banking Ordinance) and RIB will shortly thereafter apply to nave ion licence revoked under Section 29 of the Banking Ordinance.
VOS015R
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