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"The re-appointment for a term of two years will provide continuity for the management board to oversee its investment strategy in its early years," he added.
The Travel Industry Compensation Fund Management Board was established on October 15, 1993 under the Travel Agents Ordinance. Its function is to hold, manage and apply the Fund in accordance with provisions in the Ordinance.
End/Friday, September 29, 1995
Licence of Fukutoku Bank revoked
A government spokesman said today (Friday) that the banking licence of the Fukutoku Bank Ltd has been revoked.
The Fukutoku Bank, which is incorporated in Japan, has been operating in Hong Kong as a licensed bank since 1992. As part of its restructuring plan, it has decided to close its branch in Hong Kong and New York and to focus on the domestic market.
The spokesman said the bank's decision to cease business in Hong Kong merely reflects its corporate strategy.
"There is continuing interest of foreign banks entering the local market. Five new licences have been granted since the beginning of 1995." he said.
There are now 182 licensed banks in Hong Kong, of which 151 are incorporated outside the territory.
End/Friday, September 29, 1995
Tenders invited for slope upgrading works
The Civil Engineering Department is inviting tenders for upgrading 30 slopes and retaining walls throughout the territory under its accelerated Landslip Preventive Measures (LPM) Programme.
The works are expected to start in early December for completion in two years.
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