The Hong Kong Monetary Authority announced Monday that it has granted the transfer of a banking license of the Construction Bank of China (the "Bank") to China Construction Bank Corporation (CCBC) under the banking ordinance.

This grant of transfer took effect on Sept. 17, 2004, the date on which the demerger of the Bank into CCBC and China Jinyin Investment Limited became effective in the Chinese mainland.

After the demerger, CCBC continues to operate the Bank's commercial banking business including its Hong Kong branch while Jianyin succeeds all other business of the Bank. The transfer of the Bank's banking license to CCBC enables CCBC to continue the existing business of the Hong Kong Branch of the Bank.

Since this only involves the transfer of an existing banking license, the total number of licensed banks in Hong Kong remains unchanged, currently 133.

Source: Xinhua