CIMB gets Hong Kong banking licence

| Source: The Business Times
CIMB Bank Bhd, the bank arm of CIMB Group Holdings Bhd, has been granted a banking licence in Hong Kong.

This licence was given out by the Hong Kong Monetary Authority (HKMA) under the banking ordinance, HKMA said in a short message on its website.

HKMA is a government authority founded on April 1 1993.

It is also Hong Kong’s currency board and central banking authority.

HKMA said that the banking licence takes effect from yesterday.

With the CIMB licence, the number of licensed banks in Hong Kong has risen to 155.

Interestingly, some 70 of the world’s top 100 banks have operations in Hong Kong.

Last November, CIMB intro-duced its extended investment banking operations in Hong Kong after its acquisition of the Royal Bank of Scotland’s investment banking businesses in Hong Kong.

The banking licence will be a boost to CIMB, which states on its website that it is the largest Asia Pacific (ex-Japan) investment bank and one of the world’s largest Islamic banks.