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The announcement was made following the global acquisition of the debt-laden United Commercial Bank by the East West Bank. Both banks were headquartered in the United States and have operations in many places, including Hong Kong.
Under an agreement between the East West Bank and the Federal Deposit Insurance Corporation (FDIC), the assets and liabilities arising in respect of the operations of UCBHK will be transferred to the East West Bank, the Monetary Authority said.
The East West Bank will make available adequate resources to fully meet all of the obligations of UCBHK, including its deposit liabilities.
The UCBHK deposits will continue to be covered by the Hong Kong Deposit Protection Scheme and the Hong Kong Special Administrative Region government (HKSAR) deposit guarantee currently in force, the Hong Kong Monetary Authority said.
Depositors can either withdraw their deposits from the UCBHK or transfer them to the East West Bank, it added.
Financial Secretary John Tsang and Secretary for Financial Services and the Treasury K.C. Chan said on Saturday that the deposits at the UCBHK enjoys 100 percent guarantee under local protection schemes.
"All the depositors should have no worry. And it has no implication for Hong Kong's financial system," Tsang said.
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