Granting of banking licence to Allahabad Bank
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    The Hong Kong Monetary Authority announced today (April 27) that the Monetary Authority had granted a banking licence to Allahabad Bank (AB) under the Banking Ordinance.  The granting of this banking licence took effect on April 26, 2006.

      AB was incorporated in India in 1865.  According to The Bankers, July 2005 issue, AB is the 13th largest bank in India in terms of total assets.

      After the granting of a banking licence to AB, the number of licensed banks in Hong Kong has increased to 133.

For further enquiries, please contact:

Ying-ying Cheng, Manager (Press), at 2878 1687 or
Hing-Fung Wong, Resource Co-ordinator, at 2878 1802

Ends/Thursday, April 27, 2006
Issued at HKT 16:31

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