FRIDAY, FEBRUARY 14, 1986
23
FOUR AUSTRALIAN BANKS GET LICENCES
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FOUR AUSTRALIAN BANKS HAVE BEEN GRANTED BANKING LICENCES TO CONDUCT BUSINESS IN HONG KONG.
THEY ARE AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, COMMONWEALTH BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED AND WESTPAC BANKING CORPORATION.
A GOVERNMENT SPOKESMAN SAID THAT THESE WERE THE FIRST FOUR AUSTRALIAN BANKS LICENSED IN HONG KONG. THE GRANT OF LICENCES SIGNIFIED NOT ONLY THE ACCORD OF RECIPROCITY BETWEEN HONG KONG AND AUSTRALIA BUT ALSO THE STRENGTHENING OF THE INTERNATIONAL DIMENSION OF HONG KONG'S BANKING SECTOR.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED SET UP A REPRESENTATIVE OFFICE IN HONG KONG IN 1974, AND UPGRADED IT TO A REGISTERED DEPOSIT-TAKING COMPANY IN 1978, AND A LICENSED DEPOSIT-TAKING COMPANY IN 1982. IT ACQUIRED THE UK-BASED GRINDLAYS BANK PLC IN 1984 AND NOW HAS A PRESENCE IN 45 COUNTRIES.
COMMONWEALTH BANK OF AUSTRALIA, A MEMBER OF THE COMMONWEALTH BANKING CORPORATION, HAS OVERSEAS OFFICES IN SEVERAL COUNTRIES AND HAS BEEN OPERATING A LICENSED DEPOSIT-TAKING COMPANY HERE SINCE 1983.
FORMED BY THE MERGER OF TWO LONG ESTABLISHED AUSTRALIAN BANKS, NATIONAL AUSTRALIA BANK LIMITED HAS OVERSEAS OFFICES IN 13 TERRITORIES, INCLUDING A WHOLLY-OWNED REGISTERED DEPOSIT- TAKING COMPANY' IN HONG KONG SINCE 1980.
WESTPAC BANK ING CORPORATION, WHICH ALSO HAS OVERSEAS REPRESENTATION IN MANY COUNTRIES, SET UP A REPRESENTATIVE OFFICE HERE IN 1972 AND UPGRADED IT TO A REGISTERED DEPOSIT-TAKING COMPANY IN 1979. IT HAS BEEN OPERATING A LICENSED DEPOSIT-TAKING COMPANY IN HONG KONG SINCE 1983.
US BANK GRANTED LICENCE
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CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO (CONTINENTAL BANK), WHICH SATISFIED THE LICENSING REQUIREMENTS, HAS BEEN GRANTED A BANKING LICENCE TO CONDUCT BUSINESS IN HONG KONG.
INCORPORATED IN THE UNITED STATES, IT HAS OVERSEAS REPRESENTATION IN MORE THAN 25 COUNTRIES, INCLUDING A WHOLLY-OWNED SUBSIDIARY: CONTINENTAL ILLINIS BANK LIMITED (CIEL), WHICH HAS BEEN A LICENCED BANK IN HONG KONG.
/+WHEN CONTINENTAL ..