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Fubon is the name and excellence is its game

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THERE IS A fresh presence in Hong Kong's banking community. Launched last month, Fubon Bank (HK) is the renamed International Bank of Asia (IBA), bought by Taiwanese finance giant Fubon Financial Holdings in February last year for $3.2 billion.

The acquisition is part of a strategy by Fubon International Holdings to expand outside its home base. The change of name confirms the bank's new ownership, as well as a shift in management style and strategic direction.

Specifically, the intention is to convert what was a local retail bank into an organisation capable of offering a sophisticated range of products for an international clientele and serving as a springboard for expansion on the mainland.

The first phase of the transformation involves leveraging the expertise of the wider group to offer customers in Hong Kong comprehensive wealth management services.

In doing this, major internal restructuring will be undertaken to ensure the right calibre of staff and back office support required.

The bank has 29 branches in Hong Kong and about 690 staff. Recruitment in all areas, including syndicated loans and risk management, will bring the total to 760 by the end of the year.

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