FRIDAY, JUNE 16, 1989
12
THE FOUR BANKS HAVE OPERATED A REPRESENTATIVE KONG SINCE 1980, 1978, 1984 AND 1982 RESPECTIVELY.
OFFICE IN HONG
"THE CONTINUING INTEREST OF FOREIGN BANKS IN ENTERING THE LOCAL MARKET REFLECTED HONG KONG'S ROLE AS A MAJOR INTERNATIONAL FINANCIAL CENTRE,' THE SPOKESMAN SAID.
||
"GIVEN THE IMPORTANCE OF HONG KONG'S BILATERAL TRADE WITH THE
GROWING TRADE UNITED STATES, AND THE
RELATIONSHIP WITH THE OTHER THREE COUNTRIES, IT IS DESIRABLE THAT THE FOUR COUNTRIES HAVE APPROPRIATE REPRESENTATION IN THE BANKING SECTOR OF HONG KONG, POINTED OUT.
HE
THE GRANTING OF THE LICENCES BRINGS THE TOTAL NUMBER OF LICENSED BANKS TO 165, OF WHICH 133 ARE INCORPORATED OUTSIDE HONG KONG.
A TOTAL OF EIGHT BANKING LICENCES HAVE BEEN GRANTED SO FAR THIS YEAR.
REVOCATION OF BANK LICENCES
* * * *
THE BANKING LICENCES OF CHAN MAN CHEONG FINANCE COMPANY, LEE SHING, AND MING TAI FINANCE COMPANY HAVE BEEN REVOKED, SPOKESMAN SAID TODAY (FRIDAY).
THE THREE INSTITUTIONS WERE THE ONLY UNINCORPORTED
IN HONG KONG, HE SAID.
A GOVERNMENT
BANKS LEFT
ON THE BACKGROUND OF SUCH INSTITUTIONS, THE SPOKESMAN EXPLAINED THAT IN THE PAST, A NUMBER OF PARTNERSHIPS AND UNINCORPORATED PROPRIETORSHIP WERE FORMED TO CHANGE MONEY, DEAL IN GOLD, SERVE AS REMITTANCE HOUSES AND IN SOME CASES
―
—
TAKE DEPOSITS.
"THE FIRST BANKING ORDINANCE IN 1948 GAVE SUCH A WIDE DEFINITION OF BANKING THAT SOME OF THESE INSTITUTIONS FELL то BE LICENSED AS BANKS.
"THE 1964 AND 1986 BANKING ORDINANCE ALLOWED THESE SMALL, FAMILY-OWNED UNINCORPORATED BANKS TO CONTINUE (UNDER CERTAIN RESTRICTIONS SPECIFIC TO THEM, PARTICULARLY A CEILING OF $2 MILLION ON TOTAL DEPOSITS AND OTHER BORROWINGS), HE ADDED.
||
DIMINISHED TO
THE TOTAL NUMBER OF UNINCORPORATED BANKS HAS THREE OVER THE YEARS THROUGH NATURAL WASTAGE, HE SAID, POINTING OUT THAT THE BANKING BUSINESS OF THE THREE INSTITUTIONS HAS BEEN MORIBUND FOR SOME YEARS, THE PRINCIPAL ACTIVITIES OF THE INSTITUTIONS BEING GOLD TRADING AND MONEY CHANGING.
THE GOVERNMENT SPOKESMAN SAID THAT STEPS WOULD BR TAKEN TO REPEAL THE PROVISIONS RELATING TO UNINCORPORATED BANKS IN THE BANKING ORDINANCE.
"THE REVOCATION REFLECTS THE EVOLUTION OF BANKING," HE NOTED.
/13