The Monetary Authority has approved the transfer of the HSBC Bank USA banking licence to HSBC Bank USA, National Association.

The grant took effect yesterday, the date on which the merger became effective in the US.

Upon the merger, HUNA became the surviving banking entity, while HBUS was dissolved. The transfer of the licence enables HUNA to succeed the existing business of the Hong Kong branch of HBUS.

Since this only involves the transfer of an existing banking licence, the total number of licensed banks in Hong Kong remains unchanged at 134.