The Monetary Authority has granted a banking licence to East West Bank and a restricted banking licence to Shinhan Bank, bringing the numbers of licensed banks and restricted-licence banks in Hong Kong to 136 and 32.

East West Bank is a state-chartered commercial bank established in Los Angeles and a wholly-owned subsidiary of East West Bancorp, Inc. According to the July issue of The Banker, Bancorp was the 536th largest banking group in the world in terms of tier-1 capital.

Shinhan Bank was incorporated in South Korea in 1897 and was the second largest bank in the country in terms of total assets.