TNAG-1649-FCO40-2296-Hong-Kong-Commissioner-of-Banking-s-annual-report-for-1986--1987 — Page 58

52(1)(C) of the Banking Ordinance, 1986. By early October, an agreement was signed for the purchase of

a majority interest in Hong Nin Bank by First Pacific Holdings Ltd. This Company is

is currently managing the bank on behalf of the Commissioner. is expected that First Pacific will become the owners of the bank early in 1987 on completion of

the conditions precedent.

It

28.

During the year 10 new banking licences

were granted by the Governor in Council (5 from Japan, 4 from Australia and 1 from Italy). One American bank ceased business in Hong Kong and its

licence was revoked. A further licence was revoked when in effect the provisions of two licences held by the same owner were combined to allow the bank to have branches in Hong Kong. The Crocker National

Bank licence was revoked when its business was taken

over by Midland Bank Ltd. A major Japanese bank also bought the majority shareholding in a locally

incorporated bank in which it already held a

minority shareholding to give the Japanese bank a branching presence in Hong Kong. Applications were also received from a number of banks for licences in

Hong Kong and at the end of the year these applications were in the course of being processed.

29.

As regards registered deposit- taking

companies, 33 registrations were revoked in the

course of 1986. Three were revoked in the course of

the deposit-taking companies moving to licensed

15