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Chinatrust Commercial Bank granted restricted banking licence
A spokesman of the Hong Kong Monetary Authority said today (Monday) that Chinatrust Commercial Bank, Limited (CCB) had been granted a restricted banking licence by the Monetary Authority under the Banking Ordinance on March 4, 1997.
CCB is a commercial bank under the Commercial Banking Law of Taiwan. CCB's business activities include retail banking, commercial lending, trust funds, stock transfer agency, securities trading and underwriting and international and offshore banking.
CCB has been operating a representative office in Hong Kong since November 1993. It now wishes to establish a restricted licence bank (RLB) to better serve the financial needs of its customers in Hong Kong and Taiwan and to participate in the growing trade finance business as a result of increased economic activities between Taiwan, Hong Kong and China.
After the grant of a restricted banking licence to CCB, the number of restricted licence banks in Hong Kong has increased to 63.
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Tender for 11th issue of 5-year Exchange Fund notes
The Hong Kong Monetary Authority announces that the tender for the eleventh issue of 5-year Exchange Fund Notes will be held on Monday, 17 March 1997 for settlement on Tuesday, 18 March 1997.
Similar to the previous issue, an amount of HK$500 million 5-year Notes will be on offer. In addition to that, another HK$100 million will be held as reserve by the Hong Kong Monetary Authority for supply to Market Makers in the secondary market. The Notes will mature on 18 March 2002 and will carry interest at the rate of 6.55% per annum payable semi-annually in arrears.
Members of the public who wish to tender for the Notes may do so through any of the Market Makers or Recognized Dealers on the published list which can be obtained from the Hong Kong Monetary Authority at 30/F, 3 Garden Road, Hong Kong (or telephone 2878 8150). Each tender must be for an amount of HK$50,000 or integral multiples thereof.