Money

Shanghai bank granted license in HK

(Xinhua)
Updated: 2011-05-17 09:36

HONG KONG -- The Hong Kong Monetary Authority has granted a banking license to Shanghai Pudong Development Bank, the authority said Monday in a statement.

Incorporated on the Chinese mainland, the bank is the 10th largest in the country in terms of Tier-1 capital according to the July 2010 issue of The Banker.

After the granting of banking license to the Shanghai bank, the number of licensed banks in Hong Kong has increased to 149.