The Hong Kong Monetary Authority (HKMA) announced Friday that it had granted a banking license to Land Bank of Taiwan Co., Ltd. (LBT) under the Banking Ordinance.

The granting of this banking license took effect on Dec. 21, 2006, said the HKMA, adding that after the granting, the number of licensed banks in Hong Kong had increased to 138.

LBT is wholly-owned by the Taiwan authorities and has maintained a representative office in Hong Kong since 1999. According to the July 2006 issue of The Banker, LBT is the third largest bank in Taiwan and the 174th largest bank in the world in terms of total assets.

Source: Xinhua