BOCHK merger creates SAR's second largest bank

Updated at 4.17pm: The Bank of China (Hong Kong) (BOCHK) has emerged as the SAR's second largest bank after the merger of the Hong Kong branch of one of China's largest banks with nine sister units.

The huge conglomerate comprises the Bank of China's Hong Kong branch, the SAR branches of the seven banks incorporated in the mainland, and two locally-incorporated banks - Hua Chiao Commercial Bank and Po Sang Bank.

With combined pro forma assets of HK$820 billion, BOCHK is the second largest bank in Hong Kong in terms of assets, after HSBC but ahead of Hang Seng Bank, an affiliate of HSBC.

BOCHK has some 13,000 staff in 369 outlets in Hong Kong and Macau. HSBC's Hongkong and Shanghai Banking Corporation is the territory biggest bank with total assets of some 1.71 trillion dollars.

Liu Jinbao, chief executive of the bank, said that he was confident the merged bank would help Hong Kong's economic growth. He spoke on Monday at the official formation of BOCHK.

Hong Kong chief executive Tung Chee-hwa officiated at the launch of the Bank of China (Hong Kong), which was held to coincide with the 52nd anniversary of the founding of communist China.