The so-called restricted banking license that Goldman Sachs has obtained allows it to take deposits of HK$500,000 ($64,495.32) and above, but is normally used for investment banking and capital markets activities, according to the HKMA's website.

The world's largest investment banks have been setting up new subsidiaries as rules drawn up in the wake of the global financial crisis have forced financial firms to rethink where they book their over-the-counter derivatives transactions.

The subsidiaries allow banks' customers to transact with local entities, rather than deal cross-border with the parent bank in another jurisdiction.

(Reporting By Lawrence White and Michelle Price; Editing by Muralikumar Anantharaman)