HK Monetary Authority grants license to Industrial Bank of Taiwan Co., Ltd

HONG KONG, July 17 (Xinhua) -- The Hong Kong Monetary Authority announced on Thursday it has granted a banking license to Industrial Bank of Taiwan Co., Ltd (IBT).

The granting of the banking license took effect on July 16, the Monetary Authority said.

IBT is the 16th largest bank in Taiwan and the 483rd largest bank in the world in terms of tier one capital, according to the July 2007 issue of The Banker.

The granting of the license pushed the number of licensed banks in the Hong Kong Special Administrative Region to 145, the Monetary Authority said.