Monday, July 28, 2008

Shinhan Bank upgraded to licensed bank in HK

The Hong Kong Monetary Authority announced Friday that it has upgraded Shinhan Bank's (SHB) restricted banking license to a banking license under the Banking Ordinance.

The upgrade took effect on July 24, 2008, the authority said.

SHB is incorporated in South Korea and has operated a branch in Hong Kong under a restricted banking license since November 2006. According to the July 2007 issue of The Banker, SHB is the 3rd largest bank in South Korea and the 76th largest bank in the world in terms of tier one capital.

After the upgrade of SHB, the number of licensed banks in Hong Kong has increased to 146 while the number of restricted license banks in Hong Kong has decreased to 28.

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