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Nations Bank, N.A. (Carolinas) granted licence
A Government spokesman said today (Thursday) that NationsBank, N.A. (Carolinas) (NB) had been granted a banking licence to conduct business in Hong Kong.
NB is the fifth largest banking group in the USA and ranks 30th in the World in terms of capital. It operates 423 domestic branches and has four overseas branches in London, Singapore, Grand Cayman and Nassau.
In Hong Kong, NB has been operating a representative office since August last year. NB believes that as a branch bank, it would be able to provide better service to its clients with business transactions in Hong Kong and the Asian region. The principal business of the proposed branch will include trade financing and money market transactions.
The spokesman said the continuing interest of foreign banks in entering the local market reflected Hong Kong's continued importance and attractiveness as a major international financial centre. The licence for NB is the first banking licence granted in 1995.
There are now 180 licensed banks in Hong Kong, of which 149 are incorporated outside the territory.
End/Thursday, April 13, 1995
Hong Kong Monetary Authority money market operations
Cumulative
Time
$ million
(hours)
change ($million)
Opening balance in the account
2,165
0930
+517
Closing balance in the account
2,293
1000
+517
Change attributable to:
1100
+517
Money market activity
+518
1200
+518
LAF today
-390
1500
+518
1600
+518
LAF rate 4.25% bid/6.25% offer TWI 118.8 *+0.0* 13.4.95