Cathay General takes a stake in First Sino Bank.(NEWS & ANALYSIS)(Cathay General Bancorp)(Brief article)

From: Los Angeles Business Journal | Date: April 10, 2006| Author: | Copyright information

Cathay General Bancorp, the parent of Cathay Bank, has purchased a 20 percent stake in Shanghai-based First Sino Bank, giving its U.S. and Hong Kong customers the ability to directly finance the production of goods and the building of new facilities in China.

While many banks in the U.S. are buying stakes in China's government-owned banks, Cathay bought its $52.2 million stake in First Sino from Lotus Worldwide Limited, a Taiwanese group that controls 65 percent of the bank.

Cathay, an L.A.-based company with $6 billion in assets and 37 branches, serves the Chinese ...

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