XN000022-1996-02-09 — Page 4

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HKMA granted first banking licence

The Iyo Bank (IYO) Ltd had been granted a banking licence to conduct business in Hong Kong, a spokesman of the Hong Kong Monetary Authority (HKMA) announced today (Friday).

It is the first banking licence granted by HKMA since it became the licensing authority for all three types of authorised institution after the Banking (Amendment) Ordinance 1995 came into operation on November 15 last year.

banks.

IYO is a Japanese regional bank founded in 1941 by the merger of three local

It operates 159 domestic branches mainly centred in Ehime Prefecture and other areas of the Seto Inland Sea, with branches located in major Japanese cities such as Tokyo and Osaka.

It has an overseas branch in New York, three representative offices in London, Shanghai and Hong Kong, and a deposit-taking company subsidiary in Hong Kong, Iyo Finance (Hong Kong) Limited.

In Hong Kong, IYO has been operating a representative office since June 1989 and a deposit-taking company since January 1992. The bank wishes to upgrade the representative office to a branch to provide its customers with broader financial services in East and Southeast Asia.

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.

There are now 185 licensed banks in Hong Kong, of which 154 are incorporated outside the territory.

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