TEL
RAPHIC ADORESS: JARDINES HONG KONG TEX : 73 255 JM GHO SIMILE: 845 9005 TELEPHONE: 843 8388 G. P. O. Box 70
Jardine Matheson Holdings Limited
Jardine House & 3 Lombard St
Hong Hong
Sir David Wilson, KCMG,
Government House, Hong Kong.
1091101 112 1137
2nd March, 1990.
RECEIVED
22 MAR 1000
London EC3.
Dear David
00 £2
201317
JARDINE FLEMING BANKING LICENCE
At our recent meeting when we discussed the recurring discriminatory problems which in our view are being faced by British commercial interests in Hong Kong, you kindly suggested that I should let you know if there were specific instances. May I please now take you up on this?
Following the precedent set by the granting of Sun Hung Kai Securities a full banking licence in 1982 (sadly not a successful venture), Jardine Fleming started protracted negotiations which have gone on for eight years with the Hong Kong Government. We now believe we have the Administration and the Banking Commissioner's full support but our application has twice been deferred by EXCO on 28th February 1989 and 2nd May 1989.
You may be interested in this week's article in the Far Eastern Economic Review (copy attached) which states that Jardine Fleming is the leading Investment bank in South East Asia. It is a source of pride for Britain to have started the first Merchant Bank in the territory in 1970 and it should be a source of pride for Hong Kong that Jardine Fleming, which is headquartered and managed in Hong Kong, is considered the leading Investment bank in the Far East, beating American, Japanese and local competition.
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