HKMA Grants Banking Licenses to QNB, Ping An, and Hua Xia Bank
HKMA announced that it has approved the upgrading of the restricted banking license of Morgan Stanley Asia International Limited (MSAIL) to a banking licence and has granted banking licenses to Qatar National Bank (QNB), Ping An Bank Co., Ltd. (PAB), and Hua Xia Bank Co., Limited (HXB) under the Banking Ordinance. The upgrading of restricted banking license and the granting of these banking licenses take effect from September 26, 2019.
MSAIL is incorporated in Hong Kong and has been authorized as a restricted license bank in Hong Kong since 2014. MSAIL is a wholly owned banking subsidiary of Morgan Stanley, a bank holding company in the U.S. QNB is incorporated in Qatar while PAB and HXB are incorporated in the People’s Republic of China. After the upgrade and the grant of the above banking licenses, the number of licensed banks in Hong Kong is 164 while the number of restricted license banks in Hong Kong is 17.
Keywords: Asia Pacific, Hong Kong, China, Qatar, Banking, Bank Licenses, Huaxia, Ping An, QNB, HKMA
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