Time to upgrade: InvestHK Acting Director-General of Investment Promotion John Rutherford, the Chairman, President and CEO of UCBH Holdings Thomas S. Wu, and the General Manager of UCBH Tony Tsui.

The US-based United Commercial Bank has upgraded its representative office in Hong Kong to a branch. It now also serves as UCB's regional office for the Greater China region.

UCB plans to use Hong Kong as a springboard to Greater China, which will include establishing representative offices in the Mainland and Taipei in the near future.

UCB opened a representative office here in January 2002. The Hong Kong Monetary Authority granted it a full banking licence in July 2003.

Chairman, President and CEO of UCBH Holdings, Thomas Wu, said having a branch office in Hong Kong will increase the bank's trade-finance capabilities in the Pacific Rim and provide seamless international banking services to UCB's clients in the region.

InvestHK's Acting Director-General of Investment Promotion John Rutherford said Hong Kong has one of the highest concentrations of banks in the world, with 70 of the top 100 institutions based here.

Hong Kong offers many competitive advantages that set it apart as the region's first-choice banking base, he said, adding that this includes a level playing field and unrestricted movement of capital, together with a transparent regulatory structure, an independent legal system and a simple, low tax regime.

It also offers a large pool of qualified English and Chinese-speaking professionals who understand international business practices and have a lot of hands-on China experience, Mr Rutherford added.

UCB is the leading California bank serving the ethnic Chinese community, with assets of about US$5.5 billion. 

It has 42 branch offices located in the San Francisco Bay Area, Sacramento, Stockton, and the Greater Los Angeles Area, a branch in Brooklyn, New York, and one in Hong Kong.