Ca
Friday, October 27, 1972
Firstly that there must be reciprocity between Hong Kong and
the country of incorporation of the applicant bank, with regard to the
granting of banking licences; and secondly that only one office of the
applicant bank may be established in Hong Kong.
Regarding locally incorporated banks, the spokesman said that
the needs of the community seemed to be well served by the existing
licensed banks and their expanding network.
"Only in exceptional circumstances would applications be
considered for licences for new locally incorporated banks. The applicant
would have to demonstrate, in addition to satisfying the normal requirements,
that the new bank proposed would serve the interests of the community
and enhance the facilities available to the public," he said.
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