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Banking licence of BCCHK revoked
The banking licence of the Bank of Credit and Commerce Hong Kong Limited (BCCHK) has now been revoked, a Government spokesman announced today (Friday).
He emphasised that the revocation of BCCHK's banking licence was merely a technical step and would not prejudice the interests of creditors with outstanding claims on the bank.
The BCCHK has ceased to carry on banking business and is being wound up in pursuant to an order by the High Court in March 1992.
The spokesman explained that Monetary Authority had not sought an earlier revocation of BCCHK's banking licence for the purpose of retaining its statutory powers in relation to the bank, including the power to gather information about the institution's affairs.
"The joint Special Managers also found it useful to retain the banking status in pursuing claims on behalf of the BCCHK," he added.
"With the liquidation at a very advanced stage, the Monetary Authority is now of the view that the need to retain the BCCHK's status as a licensed bank is no longer necessary and this is also agreed by the Official Receiver who is the liquidator," the spokesman said.
At present, there are 179 licensed banks in Hong Kong, of which 148 are incorporated outside the territory.
End/Friday, March 10, 1995