Trust Bank (OTB) Limited.
HKG has now entered into an
agreement to sell the bank to the Guoco Group, and it is
therefore necessary to amend the Ordinance. The principal amendments would allow the acquisition of shares in the bank
by the Guoco Group, and remove HKG's powers of direction and
management over the bank.
5.
Under Article XXVI of the Royal Instructions, the Secretary of State's approval is required before the Governor may assent to "any Bill establishing any Banking Association, or amending or altering the constitution, powers or privileges of any Banking Association". The Overseas Trust Bank (Acquisition) (Amendment) Bill is expected to complete the legislative process in Hong Kong shortly.
Juhoon
Charles Moore
Hong Kong Department
WH 303
Ext: 270-2652
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