XN000022-1995-04-13 — Page 23

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Nations Bank, N.A. (Carolinas) granted licence

A Government spokesman said today (Thursday) that NationsBank, N.A. (Carolinas) (NB) had been granted a banking licence to conduct business in Hong Kong.

NB is the fifth largest banking group in the USA and ranks 30th in the World in terms of capital. It operates 423 domestic branches and has four overseas branches in London, Singapore, Grand Cayman and Nassau.

In Hong Kong, NB has been operating a representative office since August last year. NB believes that as a branch bank, it would be able to provide better service to its clients with business transactions in Hong Kong and the Asian region. The principal business of the proposed branch will include trade financing and money market transactions.

The spokesman said the continuing interest of foreign banks in entering the local market reflected Hong Kong's continued importance and attractiveness as a major international financial centre. The licence for NB is the first banking licence granted in 1995.

There are now 180 licensed banks in Hong Kong, of which 149 are incorporated outside the territory.

End/Thursday, April 13, 1995

Hong Kong Monetary Authority money market operations

Cumulative

Time

$ million

(hours)

change ($million)

Opening balance in the account

2,165

0930

+517

Closing balance in the account

2,293

1000

+517

Change attributable to:

1100

+517

Money market activity

+518

1200

+518

LAF today

-390

1500

+518

1600

+518

LAF rate 4.25% bid/6.25% offer TWI 118.8 *+0.0* 13.4.95