UCBH's China unit receives expanded RMB license

United Commercial Bank (China) Limited (UCBC), the locally incorporated subsidiary of the United Commercial Bank, announced yesterday that it was approved by the China Banking Regulatory Commission to run a full scope of RMB business in China.

"The expanded license will further enhance our capabilities to tap into China's market potential, particularly with local small- and medium-sized enterprises doing business with U.S. companies, offering ever greater trade finance opportunities," said Thomas Wu, chairman, president and CEO of UCBH Holdings.

In addition, UCBC is licensed to conduct foreign currency business with foreign-invested enterprises and foreign individuals, as well as domestic enterprises and individuals in China. It is also allowed to conduct RMB business with foreign-invested enterprises and foreign individuals in China.

United Commercial Bank, owned by UCBH Holdings, is a leading bank in the U.S. serving the Chinese communities and American companies doing business in Greater China. It has branches in Hong Kong, Shanghai, Shantou and representative offices in Beijing, Guanzhou and Shenzhen.