TNAG-2464-FCO40-3588-UK-business-interests-in-Hong-Kong-Jardine-Matheson-Holdings-1992 — Page 34

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(a) for the grandfathered institutions (which are mainly in subsidiary form), most of them are content with the improvement to their status, in particular the ability to describe themselves as merchant or investment bank;

(e)

(f)

only a small number of rlbs is not entirely satisfied with the changes made to the category. Their concerns mainly focus on the features which distinguish rlbs from licensed banks e.g. the need to qualify the use of the word 'bank' and the inability to operate current accounts and to accept retail deposits. Such restrictions are necessary, however, if the three-tier system is to remain intact; and

Jardine

Fleming & Co. which is jointly owned by the UK bank Robert Fleming & Co and the Bermuda incorporated Jardine Matheson Group is the only institution which has indicated that the new category still presents considerable constraints on their business, both locally and abroad.