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Originating from California, USA, Cathay Bank today (June 1) opened its first full branch in Hong Kong. The opening of the Hong Kong branch illustrates the bank's expansion in the region and builds on its representative offices in Shanghai and Taipei. The bank already operates 31 branches in California and 19 branches in Illinois, Massachusetts, New Jersey, New York, Texas and Washington State and specialises in the niche Asia-American market.
Chairman of the Board, President and Chief Executive Officer of Cathay General Bancorp and Cathay Bank, Mr Dunson K. Cheng, said, "Since its inception in 1962, Cathay Bank has been committed to serving the Chinese-American market in the US. With Asian countries, particularly China, rising rapidly in economic terms, it is only logical that we expand our service to Hong Kong with a clear view of serving Asian customers in Asia. There is no better place than Hong Kong for Cathay Bank to set up its Asia operations."
California state-chartered Cathay Bank is the oldest and one of the largest commercial banks focusing on the Asia-American market. It is a wholly-owned subsidiary of Cathay General Bancorp. At the end of March 2007, Cathay General Bancorp had total assets of US$8.69 billion. In the first quarter of 2007, Cathay General Bancorp has registered a net income of US$29.97 million and earned a return of over 12.87% on stockholders equity of US$938.6 million.
The Hong Kong branch of the Cathay Bank will be managed by Mr Tse Tak-keung, a 30-year veteran of the local banking industry. The Bank's Board of Directors believe that under Mr Tse's administration, the bank will develop broad business relationships across the Greater China region, especially in the sectors of trade financing and investment-related activities.
Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, welcomed Cathay Bank's decision to open in Hong Kong. "Hong Kong offers an ideal platform for a bank of this kind. As well as being the region's leading international financial centre and a proven base for expanding business across the Greater China region, Hong Kong also has a vibrant American business community and some 60 000 American passport holders. In opening this branch, Cathay Bank adds its name to a list of almost three quarters of the world's leading banks which already have a presence in our city," said Mr Rowse.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence here. For more information: www.investhk.gov.hk.
Ends/Friday, June 1, 2007
Issued at HKT 18:02
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