The Hong Kong Monetary Authority has granted a banking license to a daughter of the 5th-largest banking group in France.
The Hong Kong Monetary Authority (HKMA) has granted a banking license to Crédit Industriel et Commercial (CIC) under the Banking Ordinance. The granting of this banking license has taken effect on August 12, according to a statement.
CIC is incorporated in France and is part of the Crédit Mutuel Group (CM Group). According to the July 2016 issue of «The Banker», CM Group is the 5th-largest banking group in France and the 36th-largest banking group in the world in terms of Tier 1 capital.
After the granting of a banking license to CIC, the number of licensed banks in Hong Kong is 157.
