TNAG-1769-FCO40-2523-Hong-Kong-mergers-involving-banks-and-other-financial-instit-1988 — Page 155

3.

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For decision

on 29 March 1988

CONFIDENTIAL

XCC (88) 35

Copy No.

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MEMORANDUM FOR EXECUTIVE COUNCIL

Banking Ordinance (Chapter 155)

APPLICATION FOR TRANSFER OF BANKING LICENCE FROM

DEUTSCHE BANK (ASIA) AG TO DEUTSCHE BANK AG

29

THE PROBLEM

Under section 40(1)

40(1) of the Banking Ordinance, the banking licence of an authorized institution may be transferred from that institution to another person. The person to whom it is proposed to transfer a licence shall lodge under section 41(1) of the Ordinance an application for the transfer of the licence and that application shall be treated as if it were an application for the grant of a banking licence under section 15(1) of the Ordinance. Under section 16(1) of the Ordinance, the Governor in Council may grant or refuse to grant a banking licence upon receipt of an application forwarded through the Commissioner of Banking.

2

Deutsche Bank AG has applied for the transfer to it of the banking licence of Deutsche Bank (Asia) AG, its wholly-owned subsidiary, as a result of a merger of the two application, without the supporting

A

banks.

its copy of document, is at Annex A.

RECOMMENDATION AND ADVICE SOUGHT

3

It is recommended that Deutsche Bank AG be granted the transfer of the banking licence under sections 16(1) and 40 of the Banking Ordinance with effect from the date on which the merger is registered with the Commercial Register of the District Court of Frankfurt am Main.

4

Members will be asked to advise whether recommendation should be approved.

this

CONFIDENTIAL