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The Monetary Authority has granted a banking licence to Cathay Bank under the Banking Ordinance, bringing the number of licensed banks in Hong Kong to 138.
Cathay Bank is a California State-chartered bank and a wholly owned subsidiary of Cathay General Bancorp. According to the July 2006 issue of The Banker, Bancorp is the116th-largest banking group in the US and the 680th-largest banking group in the world in terms of total assets.
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