The Monetary Authority has granted a banking licence to Standard Chartered Bank (HK) Limited under the Banking Ordinance. The grant become effective on March 4.

It is a locally-incorporated subsidiary of Standard Chartered Bank, which is incorporated in the UK and a licensed bank in Hong Kong.

According to last July's issue of The Banker, the Standard Chartered Group was the 47th largest bank in the world in terms of tier-1 capital.

According to its plan, Standard Chartered will transfer the respective undertakings of its Hong Kong branch and four of its local subsidiaries to Standard Chartered Bank (HK) later this year by means of a Private Member's Bill.