The Monetary Authority has granted the transfer of Credit Suisse's banking licence to Credit Suisse First Boston under the Banking Ordinance.

The transfer took effect on May 13, the date on which the merger of Credit Suisse into Credit Suisse First Boston became effective in Switzerland.

Upon the merger, Credit Suisse was dissolved and merged into Credit Suisse First Boston in accordance with Swiss law. Credit Suisse First Boston changed its name to Credit Suisse immediately following the merger. The banking licence transfer enables Credit Suisse First Boston to take on the existing business of the Hong Kong Branch of Credit Suisse.

Following the transfer, the total number of licensed banks in Hong Kong remains unchanged at 133.