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Bank of China Becomes Hong Kong's Number Two Largest Bank
The Bank of China (Hong Kong) Ltd. emerged as territory's second largest bank Monday after the merger of the Hong Kong branch of one of China's largest banks with nine subsidiaries and associates.
Hong Kong chief executive Tung Chee-hwa officiated at the launch of the Bank of China (Hong Kong), which was held to coincide with the 52nd anniversary of the founding of communist China.
Liu Jinbao, chief executive of the bank, told guests that he was confident the merged bank would help Hong Kong's economic growth.
The Bank of China (Hong Kong) is expected to launch a dual listing in Hong Kong and New York next year.
In term of assets, the Bank of China (Hong Kong) is the second largest in Hong Kong, displacing Hang Seng Bank, an affiliate of HSBC Holdings.
The new bank had pro-forma assets of 820 billion Hong Kong dollars (US$105) at the end of June, and some 13,000 staff in 369 outlets in Hong Kong and Macao.
HSBC's Hong Kong and Shanghai Banking Corp. is the territory biggest bank with total assets of some US$1.71 trillion.
Bank of China (Hong Kong) will open for business on Wednesday after the two-day holiday to mark China's National Day and the mid-Autumn festival.
After the merger, two other affiliates, Nanyang Commercial Bank Ltd. and Chiyu Banking Corp. will remain as subsidiaries of the new entity.
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