TNAG-1949-FCO40-2777-Future-of-Hong-Kong-First-Pacific-Bank-Limited-1989 — Page 45

1 8 AUG 1989

RICHARDS BUTLER

齊伯

禮律師行

C. G. Howse

A. R. M. Morgan

R. C. Nicholson

A. P. Biggs*

J. A. C. Ayton D. J. Coogans N. J. O. Fell

E. G. Gray

Clara Choy

D. M. Norman

Joanna Eddings

L. T. East+

ASHITANTS

Elizabeth Hardy

P. J. Fortune

A. S. Hughes

P. W. Lowe Sheila Ma A. D. Morrison Jane Pringle

D. A. Stokes

19th Floor

Alexandra House

Chater Road

Hong Kong

Telephone 5-8108008

Our Reference

Your Reference

APB/sl/5129G

Telex

62554 RBLAW HX

Fax 5-8100664

17th August, 1989

BY HAND

Mr. Stefan Gannon

Banking Commission

9/F., Queensway Government Offices

66 Queensway

Hong Kong

Dear Mr. Gannon,

Merger of First Pacific Bank and Far East Bank

I refer to our recent discussions with regard to this matter and now enclose three copies of the draft form of merger ordinance together with a proforma balance sheet setting out the effect of the merger in accounting terms.

The present position is that First Pacific Bank is a wholly owned subsidiary of Far East Bank; Far East Bank is in turn a wholly owned subsidiary of First Pacific Holdings Limited, which is an inter-mediate holding company between Far East Bank and First Pacific

Pacific Bancshares Holdings Limited which is a company incorporated in Bermuda and listed on the Hong Kong Stock Exchange. In that connection I enclose, for your information, a copy of a recent rights issue circular issued by First Pacific Bancshares which gives details of the Group.

Apart from First Pacific Bank, Far East Bank also has various other subsidiary and associated companies, the principal subsidiary being FPB Asia Limited which is a Hong Kong company with a substantial capital, approximately HK$92 million, and which carries on a merchant banking business. The remaining subsidiaries of Far East Bank are all dormant and we

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* Notary Public

and at:

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England

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01-929 3507

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Not ordinarily resident in Hong Kong

TOKYO (Associated Office)

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