Introduction
The Hong Kong Association of Banks ("HKAB") was created by The Hong Kong Association of Banks Ordinance, Cap.364 ("Ordinance") in 1981 to replace the Exchange Banks' Association. The Ordinance provides a framework for the Government to exchange views with the banking sector for the further development of the industry.
Although banking licences are granted by the Hong Kong Monetary Authority, no fully licensed bank can operate in the Hong Kong Special Administrative Region without being a member of HKAB and is thus subject to HKAB's rules. Its members are the banks, not their employees. Each member bank must designate a senior executive to represent it at the Annual General Meetings and other meetings of HKAB.
For a fuller description of the objects of HKAB, please refer to section 4 of the Ordinance.
Role of HKAB
To promote the interests of licensed banks in Hong Kong and after consultation with the Financial Secretary to make rules for the conduct of banking business
To be a focal point for consultation on law reform, new legislation and regulatory matters
To form a sounding-board for the Government and other relevant bodies on general business and banking issues
To offer a channel of communication among members and with third parties
To promote best practice to members and provide information service such as issuing circulars on lost items of payment instruments
To organise or sponsor events on topical issues with distinguished speakers