CONFIDENTIAL
7
XCC(93)140 Copy No. 32
Submission
Shant
gun
16/201
MEMORANDUM FOR EXECUTIVE COUNCIL
Overseas Trust Bank (Acquisition) Ordinance
(Chapter 379)
OVERSEAS TRUST BANK (ACQUISITION) (AMENDMENT) BILL 1993
нив 102/3
1~ NOV 1993
THE PROBLEM
The sale of the Overseas Trust Bank Limited (OTB) to Guoco Group Limited (the Guoco Group) will be completed on 15 October 1993. It is necessary to amend the Overseas Trust Bank (Acquisition) Ordinance (the Ordinance) so that OTB can be put back on the same footing as other banks in the private sector.
RECOMMENDATION AND ADVICE SOUGHT
2
It is recommended that the Overseas Trust Bank (Acquisition) (Amendment) Bill 1993, as annexed, be introduced into the Legislative Council provided that the transaction is completed on schedule.
3
Members will be asked to advise whether this recommendation should be approved.
BACKGROUND AND ARGUMENT
Background
4
On 31 July 1993, the Financial Secretary Incorporated (FSI) entered into a conditional agreement to sell the entire share capital of OTB to the Guoco Group. Barring any unforeseen circumstances, the agreement should become unconditional on 15 October, thus completing the
Executive Council