United Commercial Bank establishes branch in HK

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Last updated at: (Beijing Time) Thursday, October 30, 2003

United Commercial Bank establishes branch in HK

Adding to Hong Kong's already strong international finance sector, the US-based United Commercial Bank (UCB) has upgraded its representative office in Hong Kong to a branch Wednesday.

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Adding to Hong Kong's already strong international finance sector, the US-based United Commercial Bank (UCB) has upgraded its representative office in Hong Kong to a branch Wednesday.

This underlines an increase in the demand for financial services as the liberalization of the Chinese mainland market under the WTO and CEPA generates more trade flows between China and the world.

UCB also plans to use Hong Kong as a springboard to the Chinesemainland and Chinese Taiwan, where the bank will establish representative offices in the near future.

Speaking at a press conference Wednesday, Chairman and President of UCB Holdings, Inc, Thomas S Wu, said: "UCB opened a representative office here in January 2002. It was granted a full banking licence in July 2003 by the Hong Kong Monetary Authority."

Having a branch office in Hong Kong, Wu said, will increase thebank's trade finance capabilities in the Pacific Rim and provide seamless international banking services to UCB's clients in the region.

Acting Director-General of Investment Promotion at Invest Hong Kong John Rutherford said that "Hong Kong has one of the highest concentrations of banks in the world, with 70 of the top 100 institutions based in Hong Kong. Our city offers many competitive advantages that set it apart as the region's first-choice banking base."

UCB is the leading California bank serving the local Chinese community, with assets of about 5.5 billion US dollars. It has 42 branch offices located in the San Francisco Bay Area, Sacramento, Stockton, and the Greater Los Angeles Area, a branch in Brooklyn, New York, and one in Hong Kong.

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