The Hong Kong Monetary Authority (HKMA) announced Wednesday that it has granted a banking license to Melli Bank PLC (MB) under the Banking Ordinance.

According to the HKMA, the granting of this banking license took effect on Dec. 23, 2005.

MB is incorporated in the United Kingdom. It is a wholly owned subsidiary of the Bank Melli Iran (BMI) which operates a branch in Hong Kong under a banking license.

As part of a restructuring of the BMI Group, MB will take over the business of BMI in Hong Kong early next year. BMI intends to apply for revocation of its banking license in Hong Kong after the completion of the transfer of the assets and liabilities of its Hong Kong branch to MB's Hong Kong branch, the HKMA said.

After the granting of a banking license to MB, the number of licensed banks in Hong Kong has increased to 133.

Source: Xinhua