TNAG-2125-FCO40-3032-Banking-situation-in-Hong-Kong-1990 — Page 32

For decision

on 28 February 1989

AIEX TO XCC (39)53

XCC (89)28 Copy No..

MEMORANDUM FOR EXECUTIVE COUNCIL

BANKING CRDINANCE (Chapter 155;

APPLICATION FOR BANKING LICENCE

(a) JARDINE FLEMING AND COMPANY LIMITED (5) WARDLEY LIMITED

THE PROBLEM

Under section 16 (1) of

of the Banking Ordinance the Governor in Council may grant a banking licence to a locall-

incorporated company subject to such conditions as he me

proper to attach thereto. Jardine Fleming and Company

(JF & Co.) and Wardley Limited (Wardley) have applied to become

incorporated licensed banks. Copies of

Locally

Acc

,{

cations

at n

are

at

Anne:

A and aire criteria for licensing local

out at Annex C.

B respectivel applicants are set

.

RECOMMENDATION AND ADVICE SOUGHT

2

(a)

It is recommended that -

JF & Co be granted a banking licence, subject to the shareholders of JF & Co. issuing new letters of support to the satisfaction of the Commissioner of Banking; and

to

(b) Wardley be granted a banking licence subject an undertaking by the Hongkong & Shanghai Banking Corporation (SBC) that, should any of the banking licensees within the group cease to carry on banking business at some future dace, the relevant licence would be

surrendered.

3

Members will

be asked to advise whether these

recommendations should be approved.