April 22, 2005
Cathay Bank, a state chartered bank from California that primarily serves the state's ethnic Chinese community, has received approval from the Financial Supervisory Commission to open a representative office in Taipei. With this FSC approval, Cathay Bank becomes the second bank from the United States, after United Commercial Bank, to open a representative office in Taiwan. Nine other US banks operate full bank branches in Taiwan.
Cathay Bank, which has also opened offices in Hongkong and Shanghai, is expanding to Taiwan in order to better serve its mainly Chinese-American clientele. The bank's foundation in the ethnic Chinese community gives it a special advantage in helping those that wish to do business between the US and Asia.
Cathay Bank is 100% owned by the NASDAQ-listed Cathay General Bancorp. It runs 40 branches throughout the United States.
The nine US banks with branches in Taiwan are America California Bank, American Express Bank, Citibank, First Union National Bank, JP Morgan Chase Bank, Northwest Bank Minnesota, State Street Bank and Trust Company, Union Bank of California and Wells Fargo Bank Minnesota.
(Central News Agency)
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