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HK grants banking license to China Development Bank
(Xinhua)
Updated: 2009-06-26 14:00

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The Hong Kong Monetary Authority announced Thursday that it had granted a banking license to China Development Bank Corporation (CDB) under the Banking Ordinance.

The granting of this banking license took effect on Thursday, said the authority.

CDB is a bank incorporated on the Chinese mainland and has maintained a local representative office in Hong Kong since 1999. It is the fifth largest commercial bank in terms of total assets on the mainland.

After the granting of a banking license to CDB, the number of licensed banks in Hong Kong has increased to 145.


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