Banking

HK grants new banking licence, bringing total to 148

(Xinhua)
Updated: 2011-03-25 12:46

HONG KONG - The Hong Kong Monetary Authority announced on Thursday that it has granted a banking license to Standard Bank Plc (SBP) under the Banking Ordinance, bringing the number of licensed banks in Hong Kong to 148.

The new banking license to SBP took effect on Thursday.

According to The Banker issued in July 2010, SBP is the 11th largest bank in the United Kingdom in terms of Tier-1 capital.