1990-05-17-- 15:33
BANK OF ENGLAND INT DIVN
44 I BØT DODI
Criteria for authorisation
Annex B
1 Licensed bank; overseas applicants
(a)
Upon application, licences will normally be granted by the Governor in Council under section 16(1) of the Banking Ordinance to banks incorporated outside Hong Kong which satisfy the following criteria
(
(i)
incorporation in countries the monetary authorities of which exercise effective supervision and have no objection to the establishment of a branch in Hong Kong
total assets (less contra items) in excess of US$14 ba, based on the footings of the whole banking group of which the applicant is a member (this figure to be reviewed annually);
(iii) availability of some acceptable fond of reciprocity to Hong Kong banks.
(b) Licences may also be granted even though criterion (a)(ii) is not fulfilled. In these
exceptional cases, licences will only be granted where
(i) the applicant is of undoubted standing;
(Ü) granting a licence to the applicant would serve Hong Kong's interests as financial centre taking account of a broad based international
the representation in Hong Kong by banks from the applicant bank's
country.
(c) A licence will be subject to the following conditions
(1)
(i)
the bank may maintain offices to which customers have access for the purpose of any business, including banking business, in only one building. In this context the word office includes any automated teller machine or similar terminal device which provides facilities to customers of the bank: and
the bank will become a member of the Hong Kong Association of Banks and thereafter, in accordance with and subject to the provision of section 7(1) of the Hong Kong Association of Banks Ordinance, remain a member of the Association
The Governor in Council retains discretion to refuse any application even though the criteria are satisfied.
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