HK's Banking Sector Continues Growth
According to the September issue of Hongkong Bank's Economic Report, Hong Kong dollar loans and advance expanded by 8 per cent during the first half of 1992. The growth in lending was funded by an increase of 7.8 per cent in Hong Kong dollar customer deposits.
Changes to Banking Licence Criteria
The government has tightened the criteria for banking licence applications. The changes are designed to enable Hong Kong to comply fully with the minimum standards on the supervision of international banking groups and cross-border establishments published by the Basle Committee of Supervisors in July this year.
Bank of Ireland Pulls Out
The Bank of Ireland has decided to withdraw from Hong Kong as part of the rationalisation of its global operations. The government says that after the revocation of the Bank of Ireland's licence, there are 161 licensed banks in Hong Kong of which 131 are incorporated outside Hong Kong.
Financial Adviser on OTB Appointed
Jardine Fleming Securities Limited has been appointed financial adviser in connection with the disposal of the government's interest in the Overseas Trust Bank Limited (OTB).
Surge in Foreign Exchange Dealings
Dealings on Hong Kong's foreign exchange market have surged 24 per cent to a daily turnover of US$61 billion (HK$476 billion), according to the findings of a new survey by the Monetary Affairs Branch. The previous survey, conducted in 1989, showed an average daily turnover of US$49 billion (HK$382 billion). The Monetary Affairs Branch also conducted its first ever survey of the Hong Kong Dollar Interbank Market which showed an average daily turnover (November 1991) of HK$38 billion (US$4.9 billion).
IBM Wins $351 Million Bank Contract
Hongkong Bank has signed a $351 million (US$45.5 million) contract with IBM for As/400 mid-range systems and related software and services. The order is IBM's second largest ever in Hong Kong. The biggest was Hongkong Bank's original bulk order for As/400 systems signed three years ago for about $425 million (US$55,1 million). The bank has all but standardised its computing systems on to the As/400 mid-range platform in offices throughout the world since it placed its first order with IBM in 1989.
Cathay Shifts Communication Base to Sydney
Cathay Pacific Airways will spend HK$1.12 billion (US$144 million) in moving its giant computer and communications operation to Sydney next year. It follows an Australian government's decision to allow substantial tax concessions to facilitate the transfer.
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