RBC Capital Markets gets go-ahead from Monetary Authority

It's a restricted banking licence.

According to a government release, the Monetary Authority has granted a restricted banking licence to RBC Capital Markets (Hong Kong) Limited, effective today.

Incorporated in Hong Kong, the bank is a wholly-owned banking subsidiary of the Royal Bank of Canada. According to the July 2012 issue of The Banker, RBC is Canada’s largest bank, and the world’s 35th largest in terms of Tier-1 capital.

There are now 21 restricted-licence banks in Hong Kong.