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Nordbanken, a bank incorporated in Sweden, has been operating in Hong Kong as a licensed bank since 1988.
In 1992, the bank took the decision to cease all commercial banking operations outside Sweden.
Since then, it has only maintained three overseas branches in Hong Kong, London and New York concentrating on foreign exchange, money and capital markets.
In January this year, the bank decided to close these three branches and centralise all trading activities in Sweden.
The spokesman said Nordbanken's decision to cease business in Hong Kong merely reflects the corporate strategy of Nordbanken and does not affect Hong Kong's attractiveness as an international financial centre. There is continuing interest of foreign bank entering the local market. The licence for EB is the fifth banking licence granted in 1995.
There are now 183 licensed banks in Hong Kong, of which 152 are incorporated outside the territory.
End/Friday, July 28, 1995
R&V Department announces performance pledge
The Rating and Valuation Department today (Friday) announces the results of its own performance evaluation for 1994-95 and reports that target standards has been met in some cases in some instances even exceeded.
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The department's performance results have been published in its Performance Pledge 1995-96 booklet, available from today (Friday) at the department's offices and district offices.
The booklet also outlines service improvements made in 1994-95, and specifies targets and planned service improvements for 1995-96.