EAST WEST BANK GROWS DOWNTOWN CENTER TO TARGET ASIAN-AMERICAN FINANCE.Byline: Dereck Andrade Staff Writer East West Bancorp Inc. will open a commercial banking center downtown, helping the San Marino-based bank expand its financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to Asian business and commercial clients. It's a move designed to increase market share of Southern California's burgeoning Chinese-American population, bank officials said, as East West competes with other financial institutions targeting ethnic customers, including Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Golden State Bancorp and Sanwa Bank California. ``We have one of the strongest franchises in the Chinese-American segments,'' said Steven Canup, a senior vice president for strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. and investor relations Investor relations The process by which the corporation communicates with its investors. at East West Bank. ``It was an existing branch for us in downtown, and we reformatted the branch to give it a more focused approach,'' Canup said. The expansion downtown is the latest in a series of strategic growth plans targeting ethnic clients to emanate from the financial institution that has grown to become one of California's most visible and powerful Asian-owned banks. In 2000, East West had a net income of $35.5 million with net growth of 26.8 percent. The Downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or Commercial Banking Center will focus on providing financial services in and around downtown, especially investor-lending and depository services. The office is based on a business model implemented in West Los Angeles
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Canup. Russell Sun, an East West regional vice president, will direct the expansion of the new commercial banking center. East West officials said their move is independent from a recent announcement of a multimillion-dollar development next to Staples Center proposed by media mogul Rupert Murdoch and Denver billionaire Philip Anschutz. ``But I think it is a possibility we might take advantage of that development,'' Canup said. ``Given the dearth of relationship-based banking and more mergers, we can capitalize on our commercial franchise.'' |
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