THE decision to grant Jardine Fleming and Wardley's full banking licences will not see a proliferation of new bank branches opening up throughout the territory, according to analysts. ''I was not expecting that they would really want to expand into commercial banking operations,'' said BZW analyst Mr Herbert Hui of Wardley's recent move. But, in view of the fact that Jardine Fleming has been interested in winning a full licence for more than 11 years and not a single full banking licence has been granted for more than a decade, observers may have expected more. Previously, the two groups could only accept deposits of no less than $500,000 because they held restricted banking licences. With their new licences, the two organisations will be able to operate current or savings accounts, and accept deposits of any kind. Despite their new capabilities, both companies have clearly stated they will not dramatically change their mandates of operation. ''We see this as a prestigious thing,'' said Jardine Fleming chairman Mr Alan Smith. ''We are not going to open up lots of branches. The Hongkong Bank can breathe easy,'' assured Mr Smith. He points to the fact that the new licence will not only give the bank an improved status among those overseas organisations which place money with fully licenced banks, but also among those banks participating in interbank trading. ''Our new banking status will give us better access to the interbank market both locally and overseas, notably in the field of foreign exchange, placements and options,'' concurred Mr Robert Herries, director of Jardine Fleming. But a shift in status will not be the only result of the change in licence. Analysts point out that the most significant change may occur in the highly competitive private banking sector which has become increasingly competitive over recent years with 70 private banks of varying sizes currently vying for territory's wealthy individuals. At Jardine, for example, providing checking accounts and making credit cards more readily available to the private client are among their plans. ''They will round out our services to the high net worth client,'' said Mr Smith of the proposed additions to the private client. Credit cards are thought to be a possibility at Wardley as well.