Zurich-based AIG Private Bank has been granted a banking licence by the Monetary Authority of Hong Kong. AIG Private Bank has been opera...

Zurich-based AIG Private Bank has been granted a banking licence by the Monetary Authority of Hong Kong. AIG Private Bank has been operating a representative office in Hong Kong since October 1985, but the banking licence allows it to upgrade its presence in the Special Administrative Region of China. Last September, the Swiss private bank opened a representative office in Shanghai – the first foreign private bank to receive approval to open a representative office there.