Citibank (HK) has been granted a restricted banking licence under the Banking Ordinance, the Monetary Authority says.

The grant took effect yesterday, bringing the total number of restricted-licence banks in Hong Kong to 43.

Citibank HK is a locally-incorporated subsidiary of Citibank NA which is a bank incorporated in the US and a licensed bank here.

According to The Banker, July 2003 issue, Citigroup was the largest bank group in the world in terms of tier-1 capital and total assets.

According to its plan, Citibank HK will shortly take up the credit card business of the Citibank International HK Branch.