The Hong Kong Monetary Authority announced Tuesday that it had granted the transfer of the banking license of Credit Suisse to Credit Suisse First Boston under the Banking Ordinance.

According to a government press release Tuesday, the transfer took effect on May 13, 2005, the date on which the merger of Credit Suisse (CS) into Credit Suisse First Boston (CSFB) (the "Merger") became effective in Switzerland.

Upon the Merger, CS was dissolved and merged into CSFB in accordance with Swiss law. CSFB changed its name to Credit Suisse immediately following the Merger. The transfer of the banking license of CS to CSFB enables CSFB to take on the existing business of the Hong Kong Branch of CS.

Following the transfer, the total number of licensed banks in Hong Kong remains unchanged at 133.

Source: Xinhua