Criteria for Authorization
Annex A
1.
Licensed bank : overseas applicants
(a)
(b)
(c)
Upon application, licences will normally be granted by the Governor in Council under section 16(1) of the Banking Ordinance to banks incorporated outside Hong Kong which satisfy the following criteria -
(i)
(ii)
of
which
incorporation in countries the supervisory authorities
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$14 billion based on the footings of the whole banking group of which the applicant is a member
(this figure to be reviewed annually);
(iii) availability of
some acceptable form of
reciprocity to Hong Kong banks.
Licences may also be granted even though criterion (a) (ii) is not fulfilled. In these exceptional cases, licences will only be granted where -
(i)
(ii)
the applicant is of undoubted standing;
granting a licence to the applicant would serve Hong Kong's interests as
a broad based international financial centre taking account of the representation in Hong Kong by banks from the applicant bank's country.
A licence will be subject to the following conditions
(i) the bank may maintain offices to which customers
(ii)
The Governor
have access
including
for the
purpose of any business, banking business, in only one In this context the word office automated teller machine or similar terminal device which provides facilities to customers of the bank; and
building.
includes any
the
bank will become a member of the Hong Kong Association of Banks and thereafter, in accordance with and subject to the provision of section 7(1) of the Hong Kong Association of Banks Ordinance, remain a member of the
Association.
in Council retains discretion to refuse any application even though the criteria are satisfied.