The Royal Bank of Canada - the world's 51st largest -  was granted a banking licence, effective December 5, bringing the total number of licensed banks in Hong Kong to 134.

According to The Banker's July 2003 issue, the Canadian-incorporated bank is Canada's largest and the 51st largest bank in the world in terms of both tier-one capital and total assets. 

The bank was set up in 1864, in Halifax, Nova Scotia, as The Merchants Bank. It was renamed the Royal Bank of Canada in 1901 and has been Canada's largest bank in terms of assets since 1941.