Pasadena’s East West Bank became the first Los Angeles bank with a branch in the Chinese city of Shenzhen, as it opened its newest storefront in the coastal boomtown on Tuesday during a ceremony attended by Los Angeles Mayor Eric Garcetti.
East West already has branches in Hong Kong and the Chinese cities of Shanghai and Shantou. It also has representative offices in Beijing, Chongqing, Guangzhou, Taipei and Xiamen.
East West is L.A.’s largest Chinese-American bank and second-largest overall, with assets of $27.4 billion as of June 30. Its stock closed at $36.59 a share on Tuesday, down less than 1 percent on the day.
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