Merger puts BOC in second place with combined assets of $820b

The merger of the Hong Kong branch of the Bank of China and nine sister units has created the SAR's second-largest bank - Bank of China (Hong Kong).

The merger brings together the Bank of China's local unit, the local branches of seven banks incorporated in the mainland, as well as two locally-incorporated banks - Hua Chiao Commercial Bank and Po Sang Bank.

With combined pro forma assets of HK$820 billion, the giant bank lags only HSBC in terms of assets.

The Hongkong and Shanghai Banking Corp is Hong Kong's biggest bank with total assets of some HK$1.71 trillion.

It displaces HSBC affiliate Hang Seng Bank from the No 2 spot on the local banking scene.

The new bank has some 13,000 staff and 369 outlets in Hong Kong and Macau.

Chief Executive Tung Chee-hwa officiated at yesterday's launch of the Bank of China (Hong Kong), which coincided with the 52nd anniversary of the founding of Communist China.