For decision
on 28 February 1989
AIEX TO XCC (39)53
XCC (89)28 Copy No..
MEMORANDUM FOR EXECUTIVE COUNCIL
BANKING CRDINANCE (Chapter 155;
APPLICATION FOR BANKING LICENCE
(a) JARDINE FLEMING AND COMPANY LIMITED (5) WARDLEY LIMITED
THE PROBLEM
Under section 16 (1) of
of the Banking Ordinance the Governor in Council may grant a banking licence to a locall-
incorporated company subject to such conditions as he me
proper to attach thereto. Jardine Fleming and Company
(JF & Co.) and Wardley Limited (Wardley) have applied to become
incorporated licensed banks. Copies of
Locally
Acc
,{
cations
at n
are
at
Anne:
A and aire criteria for licensing local
out at Annex C.
B respectivel applicants are set
.
RECOMMENDATION AND ADVICE SOUGHT
2
(a)
It is recommended that -
JF & Co be granted a banking licence, subject to the shareholders of JF & Co. issuing new letters of support to the satisfaction of the Commissioner of Banking; and
to
(b) Wardley be granted a banking licence subject an undertaking by the Hongkong & Shanghai Banking Corporation (SBC) that, should any of the banking licensees within the group cease to carry on banking business at some future dace, the relevant licence would be
surrendered.
3
Members will
be asked to advise whether these
recommendations should be approved.