Originating from California, USA, Cathay Bank opened its first full branch in Hong Kong on 1 June, a move illustrating the bank's expansion in the region. It has representative offices in Shanghai and Taipei. The bank already operates 31 branches in California and 19 branches in Illinois, Massachusetts, New Jersey, New York, Texas and Washington State and specializes in the niche Asia-American market.

Dunson K. Cheng, Chairman of the Board, President and Chief Executive Officer of Cathay General Bancorp and Cathay Bank, said: "Since its inception in 1962, Cathay Bank has been committed to serving the Chinese-American market in the US.  With Asian countries, particularly China, rising rapidly in economic terms, it is only logical that we expand our service to Hong Kong with a clear view of serving Asian customers in Asia. There is no better place than Hong Kong for Cathay Bank to set up its Asia operations."

California state-chartered Cathay Bank is the oldest and one of the largest commercial banks focusing on the Asia-American market.  It is a wholly-owned subsidiary of Cathay General Bancorp.  At the end of March 2007, Cathay General Bancorp had total assets of US$8.69 billion.  In the first quarter of 2007, Cathay General Bancorp registered a net income of US$29.97 million and earned a return of over 12.87% on stockholders equity of US$938.6 million.

Director-General of Investment Promotion at Invest Hong Kong, Mike Rowse, welcomed Cathay Bank's decision to open in Hong Kong. "Hong Kong offers an ideal platform for a bank of this kind. As well as being the region's leading international financial centre and a proven base for expanding business across the Greater China region, Hong Kong also has a vibrant American business community and some 60,000 American passport holders. In opening this branch, Cathay Bank adds its name to a list of almost three quarters of the world's leading banks which already have a presence in our city," said Mr. Rowse. Source: InvestHK  

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