Going East.
Going East: Great Eastern Bank, a Chinese American bank in New York, has agreed to be acquired by Los Angeles-based Cathay Cathay (kăthā`), name for North China used by medieval Europeans, derived from the Khitan (or Khitai), a Manchurian people who conquered S Manchuria and N China and founded the Liao dynasty (937–1125). S China was referred to as Mangi. General Bancorp for about $101 million in cash and stock, the banks announced. Dunson K. Cheng, Cathay's chief executive, said the acquisition would more than double his bank's loans and deposits in New York and increase its branches there to nine from four. The deal ends a bidding war between Cathay Bank's parent and another major Chinese American bank, UCBH Holdings Inc. of San Francisco.
COPYRIGHT 2006 CBJ, L.P.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion