A NEW magazine for Hong Kong's banking community was launched last night at a reception held at the Overseas Bankers Club. The publication will be the locally produced edition of Banking World, the official journal of the Chartered Institute of Bankers (CIB). The magazine is a joint venture between South China Morning Post Publishers, and the Headway Home and Law PublishingGroup in the UK. Until now, Banking World has been published exclusively in the UK - where the institute has its headquarters - but the growth of the banking industry in Hong Kong has triggered demand for a specialised edition here. The CIB includes some of the territory's most senior bankers, many of whom attended last night's launch together with senior executives from top advertising agencies. Local editor of Banking World, Ray Heath, who is also Business Editor of the South China Morning Post, told the reception that the intention of the joint venture was to generate an independent magazine which filled a niche by speaking both to the banking industry in Hong Kong, and for it. Banking World will have an initial circulation of 8,000, but has embarked on a drive for readers outside the institute, and around the region.