******************************************************
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.
The new branch also serves as UCB's regional office for the Greater China region.
This underlines an increase in the demand for financial services as the liberalisation of the 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 Greater China region, which will include establishing representative offices in Mainland China and Taipei in the near future.
Speaking at a press conference today (October 29), the Chairman, President and CEO of UCBH Holdings, Inc, Mr 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, Mr Wu said, will increase the bank's trade finance capabilities in the Pacific Rim and provide seamless international banking services to UCB's clients in the region.
"In addition, being the financial bridge to our customers with strong market knowledge, resources and expertise on both sides of the Pacific Rim, and with our in-depth understanding of Chinese culture and values, we believe we will do well here in Hong Kong because of our solid infrastructure established in the United States as well as here in Hong Kong," added Mr Wu.
The acting Director-General of Investment Promotion at Invest Hong Kong, Mr John Rutherford, was invited to speak at the press conference.
Mr Rutherford congratulated UCB on its new branch. He said: "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. This includes a level playing field and unrestricted movement of capital, together with a transparent regulatory structure, an independent legal system and a simple, low tax regime."
"We also offer a large pool of qualified English and Chinese-speaking professionals who understand international business practices and have a lot of hands-on China experience," added Mr Rutherford.
UCB is the leading California bank serving the ethnic Chinese community, with assets of about US$5.5 billion. 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.
UCB provides a wide range of consumer banking services to individuals. It also offers commercial banking services to small and medium-sized businesses and professionals in a variety of industries.
Invest Hong Kong, the Hong Kong Special Administrative Region Government's investment promotion arm, has rendered assistance to international companies, like UCB, which have expanded their presence here.
Ends/Wednesday, October 29, 2003
NNNN
