Compliance
Hong Kong-Based Nippon Wealth Secures Restricted Banking Licence
The total number of restricted bank licences granted in Hong Kong now stands at 23, as another firm secures such status.
Hong Kong's financial regulator and de facto central bank has granted a restricted banking licence to Nippon Wealth.
The licence was granted by the Hong Kong Monetary Authority, taking effect from 2 April, the HKMA said in a statement.
NWL is incorporated in Hong Kong and is a wholly-owned subsidiary of OJBC Co and an associate of Shinsei Bank, Limited (Shinsei). The HKMA said Shinsei ranked 12th in Japan in terms of Tier-1 capital.
As a result of the latest licence grant, the number of restricted licence banks in Hong Kong is 23, the HKMA said.