Hong Kong-Based Nippon Wealth Secures Restricted Banking Licence

Tom Burroughes

7 April 2015

Hong Kong's financial regulator and de facto central bank has granted a restricted banking licence to .

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.