As announced on March 27, 2007, UCB entered into definitive agreements to acquire 100% of the equity interest of privately-held Business Development Bank (BDB) in a $205 million cash transaction. This acquisition will provide the company with branches in Shanghai and Shantou, China and representative offices in Beijing and Guangzhou, China.
Thomas Wu, chairman, president and CEO of UCBH Holdings, said: We are very pleased to announce the receipt of all regulatory approvals for our acquisition of Business Development Bank. This acquisition provides UCBH the opportunity to achieve immediate and significant growth of our commercial and trade finance business in Greater China as well as in the US.
