East West Bank, the parent company of East West Bank (China) Ltd., announced the opening of a new full-service branch in Shenzhen on Tuesday, offering comprehensive U.S.-China cross-border commercial banking products and services.
It is also the first Los Angeles-based bank to open a branch in Shenzhen, according to Los Angeles Mayor Eric Garcetti, who attended the ceremony Tuesday.
"East West Bank is one of the great companies of Los Angeles and an example of what our city can offer China," Garcetti told reporters after the ceremony. "As the first Los Angeles bank to open a branch in Shenzhen, it is the best bank for Chinese investors who want to know about Los Angeles. The bridge East West Bank has built with this branch will facilitate business that benefits both our cities."
The bank, one of the largest 30 public banks in the United States ranked by market capitalization and one of the largest banks headquartered in California, was established 41 years ago by Chinese Americans to focus on cross-border commercial banking services.
The newly opened East West Bank Shenzhen branch upgrades the previous representative office the bank had in Shenzhen. East West Bank has developed a portfolio of cross-border banking products and services to assist U.S. companies with investment and market entry opportunities in China as well as mainland Chinese companies and investors interested in business expansion in the United States, said Dominic Ng, chair and CEO of East West Bank.
Through its Shenzhen branch, East West Bank will offer its specialized industry expertise to an expanding client base in important industries such as import and export, logistics, technology, clean-tech, manufacturing, venture capital, private equity, film, entertainment and media, biopharmaceuticals, aviation and automotive. Branch services will include cash management accounts, commercial lending, trade finance, settlement services and supply chain finance.
"Shenzhen is a city abounding with opportunities and is an important strategic gateway to the Chinese mainland," said Andy Yen, executive vice president of the bank.
In China, East West Bank has branches in Hong Kong, Shanghai and Shantou. It also has representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen.