XN000022-1986-02-14 — Page 25

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FRIDAY, FEBRUARI 14, 1986

*WHEN CONTINENTAL BANK RECEIVES ITS LICENCE, IT WILL TAKE OVER CIBL'S BUSINESS IN HONG KONG AND THE LATTER'S BANKING LICENCE WILL SUBSEQUENTLY BE REVOKED,+ A GOVERNMENT SPOKESMAN SAID.

THE SPOKESMAN EXPLAINED THAT CONTINENTAL BANK HAD TO MAKE A FRESH APPLICATION BECAUSE THE EXISTING BANKING ORDINANCE DID NOT PROVIDE FOR THE TRANSFER OF A LICENCE.

BANK'S LICENCE REVOKED

* * * *

THE BANKING LICENCE OF THE LLOYDS BANK INTERNATIONAL LTD HAS BEEN REVOKED UNDER A NOTICE PUBLISHED IN THE GAZETTE TODAY (FRIDAY).

A GOVERNMENT SPOKESMAN EXPLAINED THAT THE REVOCATION WAS NECESSITATED BY THE MERGER OF LLOYDS BANK INTERNATIONAL LTD (LBI) WITH ITS PARENT COMPANY, THE UK INCORPORATED LLOYDS BANK PLC.

AS THERE WAS NO PROVISION FOR THE TRANSFER OF LICENCE IN THE EXISTING BANKING ORDINANCE IT WAS NECESSARY FOR THE NEW ENTITY LLOYDS BANK PLC. TO APPLY FOR A SEPARATE BANKING LICENCE AND SUBMITTING THE OLD ONE FOR REVOCATION SUBSEQUENTLY.

LLOYDS BANK PLC. HAS BEEN GRANTED A BANKING LICENCE TO CONDUCT BUSINESS IN HONG KONG. THE TRANSFER OF BUSINESS FROM LBI TO LLOYDS BANK PLC. TOOK PLACE ON JANUARY 1, 1986 AND LBI HAS CEASED TO TRANSACT BUSINESS SINCE THEN.

WATER CUT ***

FRESH WATER SUPPLY TO CERTAIN PREMISES IN TSIM SHA TSUF WILL BE TURNED OFF FROM 10 PM ON MONDAY (FEBRUARY 17) TO 6 AM THE FOLLOWING DAY FOR MAINS WORK.

THE AFFECTED PREMISES ARE BOUNDED BY AUSTIN ROAD, KOWLOON CANTON RAILWAY AND THE SEAFRONT OF TSIM SHA TSUI DISTRICT.