Banking license granted to Ta Chong Bank in Hong Kong

Zafar Anjum

The Hong Kong Monetary Authority has granted a banking licence to Ta Chong Bank, Ltd. (TCB) under the Banking Ordinance, the country's monetary regulatory authority announced on 10 March. 

The granting of this banking licence took effect on the same day.

TCB is incorporated in Taiwan.  According to the July 2013 issue of The Banker, it is the 20th largest bank in Taiwan and the 608th largest bank in the world in terms of Tier 1 capital, the authority said in a statement.

After the granting of a banking licence to TCB Bank, the number of licensed banks in Hong Kong is 158.