XN000022-1991-11-22 — Page 3

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FRIDAY, NOVEMBER 22, 1991

IN AN INTERVIEW ON AUCKLAND'S "RADIO CHINESE", SIR DAVID URGED

CHINESE COMMUNITY NEW ZEALAND'S

TO KEEP IN TOUCH WITH WHAT IS

HAPPENING IN HONG KONG,

HE ALSO SUGGESTED THAT THOSE WHO HAD COME FROM HONG

RETAIN SINCE BECOME NEW ZEALAND CITIZENS, SHOULD

THE OLD BUILD UP ECONOMIC AND TRADE CONNECTIONS.

"IN THAT WAY THE OVERSEAS CHINESE

BE WILL PLAY A ROLE WHICH WILL

BENEFICIAL COUNTRY BUT TO HONG KONG AS WELL. IN OTHER NEW ZEALAND AND HONG KONG."

KONG AND LINKS

TO

COMMUNITY HERE NOT ONLY TO WORDS A BRIDGE BETWEEN

(AUCKLAND)

THEIR NEW

SIR DAVID AND LADY WILSON WILL RETURN (SATURDAY) EVENING.

TO HONG KONG

TOMORROW

RG ON BCCHK AND BCCFI

REGISTRAR

THE

GENERAL, AS PROVISIONAL LIQUIDATOR OF BANK OF CREDIT AND COMMERCE HONG KONG LIMITED ("BCCHK"} AND BCCI FINANCE INTERNATIONAL LIMITED ("BCCFI"), ANNOUNCED TODAY (FRIDAY) THAT WITH THE APPROVAL OF THE HIGH COURT HE HAD ENTERED INTO A PROVISIONAL AGREEMENT FOR THE TRANSFER OF THE ASSETS AND RECORDED LIABILITIES OF THE TWO COMPANIES TO A NEW BANK TO BE FORMED AND OWNED AS TO NOT LESS THAN 51% BY THE HONG KONG CHINESE BANK LIMITED ("HKCB").

REACHED

THIS DOCUMENT SETS OUT THE MAIN TERMS OF THE AGREEMENT PROVISIONALLY BETWEEN THE PARTIES AFTER EXTENSIVE NEGOTIATIONS AND THE RESOLUTION OF A NUMBER OF DIFFICULT PROBLEMS.

HE STRESSED THAT THE AGREEMENT IS SUBJECT, AMONGST OTHER

THINGS, TO

(1)

(2)

(3)

(4)

THE

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APPROPRIATE SCHEMES OF ARRANGEMENT BEING APPROVED BY THE DEPOSITORS AND THE HIGH COURT,

THE GRANT OF A BANKING LICENCE TO THE NEW BANK UNDER THE PROVISIONS OF THE BANKING ORDINANCE,

THE ENACTMENT OF THE NECESSARY LEGISLATION TO TRANSFER THE ASSETS AND LIABILITIES TO THE NEW BANK, AND

AGREEMENT BETWEEN THE PROVISIONAL LIQUIDATOR AND HKCB ON THE TERMS OF THE EXCLUSION OF UNRECORDED LIABILITIES AND THE SCOPE OF THE GUARANTEE TO BE PROVIDED BY THE ABU DHABI GOVERNMENT TO COVER THEM.

MAIN TERMS OF THE DEPOSITORS ARE AS FOLLOWS:

PROVISIONAL

AGREEMENT AS RESPECTS

/A. DEPOSITORS