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The PNC will be sold in Hong Kong for HK$188 each via public application.. Each Hong Kong Identity Card holder can apply for one PNC only and deadline for applications is Thursday, 1 May 1997.
In the event of over-subscription, a ballot will be held. Successful applicants will be notified by mail and they can purchase the PNCs at designated collection outlets starting from 22 May - the day the Lantau Link officially opens to traffic.
Proceeds from the sale of the PNCs after deducting the cost of issue will be used to fund selected projects for the benefit of the community,
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Granting of restricted banking licence to Citibank International
A spokesman for the Hong Kong Monetary Authority said today (Wednesday) that Citibank International (CI) had been granted a restricted banking licence by the Monetary Authority under the Banking Ordinance on April 18, 1997.
CI is a wholly owned subsidiary of Citibank, N.A., one of the top five banks in the world and a significant participant in the Hong Kong market. CI is an "Edge Act" corporation supervised by the Federal Reserve Bank in the US. CI's business includes the provision of foreign trade finance to US residents and acceptance of deposits from non-US residents. Its head office is located in Miami and it has branches in Honolulu, Houston, Los Angeles and San Francisco. The new branch in Hong Kong would take over the existing credit card business of Citibank's Hong Kong Branch.
After the grant of a restricted banking licence to CI, the number of restricted licence banks in Hong Kong has increased to 63.
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