MoreBank SinoPac, which received its licensing on Sept. 13, is incorporated in Taiwan and has maintained an office in Hong Kong since 1998. The bank ranks No. 458 and 438 in the world in terms of tier 1 capital and total assets, respectively.
The relaxed market entry criteria include replacing the $16 billion asset size criterion for overseas bank applicants by the much lower balance sheet size criteria applicable to locally incorporated bank applicants, which are $384 million in consumer deposits and $512.8 million in total assets.
With the new license to BSP, the number of licensed banks in Hong Kong has risen to 135.
In other HKMA action, the group reports an increase of some $166 million in the foreign assets of the Exchange Fund for the month of August 2002.
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