Acquisition of United Commercial Bank

The Hong Kong Monetary Authority noted today (Saturday) the announcement made by the Federal Deposit Insurance Corporation (FDIC) in the United States of America relating to its receivership of United Commercial Bank and the acquisition of United Commercial Bank globally by the East West Bank under an agreement between the FDIC and the East West Bank.

Under the agreement, the assets and liabilities arising in respect of the operations of United Commercial Bank Hong Kong Branch (UCBHK) will be transferred to the East West Bank.

The East West Bank will make available adequate financial resources to fully meet all of the obligations of UCBHK, which include its deposit liabilities. The UCBHK deposits will continue to be covered by the Hong Kong Deposit Protection Scheme and the Government deposit guarantee currently in force in Hong Kong.

The UCBHK depositors will be notified by the East West Bank of the necessary arrangements to transfer their deposits to the East West Bank. If the depositors choose not to transfer their deposits, the East West Bank will continue to allow UCBHK depositors to have full access to their deposits for the purpose of withdrawing such funds.

Customers of UCBHK should contact the East West Bank, Hong Kong Branch (Tel. 3760 7380) directly should they have any enquiries.

For further enquiries, please contact:
Alice Lo, Communications Chief, at 2878 1480 or
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
7 November 2009