LGTB granted banking licence in Hong Kong

Hong Kong Monetary Authority has announced that it has granted LGT Bank in Liechtenstein (LGTB) a banking licence.

The authorisation was conceded under the authority's Banking Ordinance guidelines and was permitted on April 14th.

As a result of the news, it could be said that more people with banking jobs in Hong Kong will find themselves employed by a licensed financial services provider - with the number of such branches standing at 148 since LGTB received the pass.

LGTB is part of LGT Group - a wealth and asset management organisation owned by the Princely House of Lichtenstein.

Elsewhere, BMO Capital Markets - the investment and corporate banking division of the Bank of Montreal - is expanding its Asian operations by opening a foreign exchange office in Hong Kong.

Reuters reported last week that investment bank Jefferies is also strengthening the Asian element of its business by hiring six managing directors.