HKMA grants license to Bank Morgan Stanley

Addition of the lender ups the restricted-licence banks in Hong Kong to 20.

The Monetary Authority has granted a restricted banking licence to Bank Morgan Stanley AG.

Incorporated in Switzerland, Bank Morgan Stanley is a wholly-owned banking subsidiary of Morgan Stanley Smith Barney, a joint venture between Morgan Stanley and Citigroup.

According to the July 2010 issue of The Banker, Morgan Stanley and Citigroup are the sixth and third largest banking groups in the US in terms of Tier-1 capital.

The number of restricted-licence banks in Hong Kong is now 20.