The merger between the Hong Kong branch of
the Bank of China (BOC) and nine other BOC units has created the second
largest bank in the special administrative region (SAR). Now known as
the Bank of China (Hong Kong), the bank has HK$820 billion (US$105 billion)
in assets putting it in second place behind HSBC with HK$1.71 trillion.
The BOC consolidation is the biggest to date in Hong Kong. During a speech at the merger ceremony the bank's chief executive, Liu Jinbao, said he was confident that the bank will help spur Hong Kong's economy.
The bank has plans to launch a dual listing in Hong Kong and New York some time next year.
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