Bank of China (HK) Chooses PwC as Its Auditor

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Last updated at: (Beijing Time) Thursday, April 11, 2002

Bank of China (HK) Chooses PwC as Its Auditor

Bank of China (Hong Kong) announced here Wednesday that PricewaterhouseCoopers (PwC) will take the place of the troubled Authur Andersen LLP as its accounting firm, and consequently its annual results will be released two months later. This change of accounting firm will not affect Bank of China (Hong Kong)'s business.

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Bank of China (Hong Kong) announced Wednesday (April 10) that PricewaterhouseCoopers (PwC) will take the place of the troubled Authur Andersen LLP as its accounting firm, and consequently its annual results will be released two months later.

Liu Jinbao, chief executive of Bank of China (Hong Kong), revealed that Andersen handed its resignation as his bank's accounting firm on April 8 and his bank has chosen PwC instead.

As a result, Bank of China (Hong Kong)'s annual results for the year 2001 will not be ready by the end of April as required, Liu added. Bank of China (Hong Kong) has won the approval of the Hong Kong Monetary Authority to release the report by the end of June.

This change of accounting firm will not affect Bank of China (Hong Kong)'s business, Liu stressed.

Liu made the announcement after the launching ceremony of a blood donation vehicle his bank sponsored at the Hong Kong Red Cross Transfusion Service Headquarters. The vehicle, to be put into service Thursday, is presently the largest and newest mobile blood donation vehicle in Hong Kong, with an internal floor area of 26 square meters, individual health-screening room and four specially designed blood donation seats.

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