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Requirements on HK Branch of Barings lifted
The Hong Kong Monetary Authority announced today (Tuesday) the lifting of the requirements which were imposed under section 52 (1) (A) of the Banking Ordinance on the Hong Kong Branch of Baring Brothers & Co., Limited (in administration) on February 27, 1995.
Baring Brothers & Co., Limited subsequently changed its name to Bishopscourt (BB & Co) Limited on March 10.
The Deputy Chief Executive (Banking), Mr David Carse, said: "There are no prudential reasons for us to want to continue with the restrictions.
"The Barings Group has been acquired substantially by the ING Group, a leading Dutch banking group.
"ING has also established a new bank in the UK, Baring Brothers Limited, to take over the operations of the Hong Kong Branch and has stepped in to meet its expenses and obligations."
Baring Brothers Limited will only be undertaking corporate advisory activities in Hong Kong. Such business does not require authorisation as an authorised institution.
End/Tuesday, April 4, 1995
Closure of Wan Chai illegal structures sought
The Building Authority is seeking to close two unauthorised structures in Wan Chai so that they can be demolished without endangering the occupants and the public.
The two single-storey unauthorised structures used for dwelling are located at the rear lane of 76-80 Stone Nullah Lane and 1 Hing Wan Street and at the rear lane of 82A and 82B in Stone Nullah Lane respectively.
Notices applying for Closure Orders from the District Court under the Buildings Ordinance on August 8 were posted on the premises today (Tuesday).
issued.
Demolition works are expected to start as soon as the Closure Orders are
End/Tuesday, April 4, 1995
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