UCBH Holdings, the holding company of United Commercial Bank, announced the grand opening of United Commercial Bank (China) Limited, headquartered in Shanghai.
"We are very pleased to announce the grand opening of UCBC," said Thomas S. Wu, Chairman, president and CEO of UCBH Holdings, Inc. "UCBC is the cornerstone of our Greater China strategy. As a result of a strong banking platform in the Greater China region, we anticipate significant growth in our commercial lending and trade finance business in the domestic market, as we target companies in the United States that are doing business in China. By building a financial bridge between the U.S. and Greater China, we also project significant growth opportunities in Mainland China from the local small- and medium-sized enterprises doing business with U.S. companies."
UCB completed the acquisition of Business Development Bank in December 2007. The BDB name has been changed to United Commercial Bank (China) Limited, which now operates as a subsidiary of UCB. UCBC has branches in Shanghai and Shantou, China and representative offices in Beijing and Guangzhou, China.
UCBH Holdings, with US$11.80 billion in assets as of December 31, 2007, is the holding company for United Commercial Bank, a state-chartered commercial bank, which is a leading bank in the United States serving the Chinese communities and American companies doing business in Greater China. Together, the bank and its subsidiaries, including United Commercial Bank (China) Limited, operate branches in Greater China and the United States.
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