TNAG-2464-FCO40-3588-UK-business-interests-in-Hong-Kong-Jardine-Matheson-Holdings-1992 — Page 25

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1

2.

The

Licensed bank local applicants

(a)

Upon application, licences will normally be granted by the Governor in Council under section 16(1) of the Banking Ordinance to a restricted licence bank or deposit-taking company

is predominantly beneficially owned by Hong Kong interests and which satisfies the following three criteria -

which

(i) it is a limited company, incorporated in Hong Kong, which is not a subsidiary of a licensed bank, and which has a paid up capital of at least $150 million;

(ii)

(b)

A

it has been an authorized least 10 years;

institution for at

(iii) it has public deposits (other than from banks, other restricted licence banks or deposit-taking companies, or connected depositors) of at least $1,750 million, and total assets (less contra items) of at least $2,500 million (these figures to be subject to annual review).

licence will be subject to the condition that the bank becomes 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, remains a member of the Association.

Governor in Council retains the discretion to refuse any application even though the criteria are satisfied.