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Hong Kong banking is known to have among the largest number of multinational banks representation in the continent. There are seventy world renowned banks that have their presence in H. Kong. H. Kong banking is rated in the top ten as one of the world’s largest banking centre. This rating is done in terms of international transactions and the sheer amount of volume. The banking center in H. Kong has led to the development of the Hong Kong loan syndicate centre. The H. Kong banking sector is the major player in the Hong Kong foreign exchange market. It has led to H. Kong ranking in the top ten banking centers in the world.

There were more than 140 licensed banks in H. Kong in December 2007. Among the banks were 29 deposits taking firms and 29 restricted license banks doing business. All these licensed institution make an elaborate network of branches. Furthermore, there are more than seventy local offices of representatives of other banks overseas. The banking sector in H. Kong has employed more than 80,000 people. In addition, the banking assets have amounted to whopping US$1 trillion. The banking sector in Hong Kong operates on a 3tier principle.

It was created by the three types of banking systems. Among the types of banking include deposit taking banks, licensed banks and restricted licensed banks. They are the three types of banking systems allowed to take money from the public. The three tier banking structure is guided by different restrictions and rules. In H. Kong, only the restricted licensed and licensed banks can be referred to as banks. The banking system in H. Kong banking is open. This is hugely to the fact that it is the largest banking center in the Asian continents apart from Japan.

By: Deshea R Witcher

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