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Hong Kong grants banking licence to Union Bancaire Privée

Chris Hamblin, Editor, London, 18 February 2016

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The Hong Kong Monetary Authority has granted a banking licence to Union Bancaire Privée, UBP SA (UBP) under the territory's Banking Ordinance. The licence is now in operation.

UBP, incorporated in Switzerland, is one of the world's most capitalised private banks. According to the July 2015 issue of the Banker, it is the 19th largest bank in Switzerland and the 476th largest bank in the world in terms of Tier 1 capital.

After the granting of this licence, the number of licensed banks in Hong Kong is 157.

The bank has been present in Hong Kong since the early 1990s for asset management purposes.

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