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HK grants banking license to China Development Bank

(Xinhua)
Updated: 2009-06-26 14:00

Related readings:  CDB posts 20.8b yuan in net profit last year  China Development Bank signs memo with IDB  CDB has no plan to get listed and invite strategic investors  China Development Bank, Shenzhen sign 200b-yuan credit line

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.