Removal of the Three-building Condition for Overseas-incorporated Banks

c.c.
Circulars
30 Nov 2001
Removal of the Three-building Condition (letter to Overseas￾incorporated banks) Our Ref.: B2/9C 30 November 2001 The Chief Executive Overseas-incorporated banks subject to the three-building condition Dear Sir / Madam, Removal of the Three-building Condition I hereby serve on behalf of the Monetary Authority a notice under section 16(5) of the Banking Ordinance to cancel the condition requiring overseas-incorporated banks licensed in and after 1978 ("relevant institutions") to conduct their business in not more than three buildings. After the removal of the three-building condition, the guideline on activities that can be conducted at regional offices and back offices by relevant institutions is no longer relevant and has therefore been repealed. Yours faithfully, (D T R Carse) for Monetary Authority The Chairman, Hong Kong Association of Banks Last revision date : 01 August 2011

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BANKING ORDINANCE

(Chapter 155)

Notice under Section 16(5)

On 30 November 2001, in exercise of the powers conferred by section 16(5) of the Banking Ordinance, the Monetary Authority cancelled the following condition attached to the licences of all overseas-incorporated banks licensed in and after 1978:

“The bank may maintain offices in not more than three buildings to which customers and others have access (physical or otherwise) for the purpose of banking business and/or for the arranging or entering into of any other financial transactions.

In this context, the word “office” includes any automated teller machine or similar terminal device which provides facilities to customers or others.

In addition to the offices mentioned in the first paragraph, the bank may, without restriction on numbers, maintain regional office(s) and back office(s) in a separate building or buildings to which customers and others have access (physical or otherwise) for the purpose of activities other than banking business or the arranging or entering into of financial transactions as set out in guidelines to be issued from time to time by the Monetary Authority.”

30 November 2001 Monetary Authority