Change of “B” Class Licence to “A” Class Licence

(1) The holder of a “B” Class international banking licence granted under section 17 of this Act may, at any time during the term of the licence, apply to the Central Bank for a change in licence to an “A” Class international banking licence. (2) In reviewing an application under sub-section (1) of this section, the Central Bank shall require such information as it deems necessary and shall have regard to the public interest and such other considerations as it thinks fit to take into account. 25 (3) The Central Bank may approve an application submitted pursuant to sub-section (1) subject to such terms and conditions as it thinks fit; including, but not limited to, an increase in capital to comply with the requirements of an “A” Class international CAP. 263.