Bank of Dongguan to start operations

The Hong Kong Monetary Authority has granted a banking license to the Bank of Dongguan.

The granting of the license to the mainland bank brings the number of licensed banks in Hong Kong to 162, according to the HKMA.

The little-known local commercial bank from Dongguan city in Guangdong province has leased office space on the 25th floor of Two IFC that was given up by Japanese investment bank Nomura a year ago, according to the Land Registry.

BOD has rented eight suites on the 25th floor of the 88-story commercial skyscraper in Central for three years from January 16 this year to 2024, with an option to renew the contract for another three years.

The Dongguan-based lender reported revenues of 9.08 billion yuan (HK$10.83 billion) in 2019.