Did Boston just lose another company headquarter?
I didn’t know until I scanned the excellent local ethnic rag Sampan today that Asian American Bank, with headquarters in the Hub’s Chinatown, has been snapped up for $34 million by Chinese-American bank UCBH from California.
UCBH actually claims to be bullish on New England, according to Sampan:
“The acquisition of Asian American Bank allows us to strategically enter the dynamic New England market and places us in a strong position to capitalize on long-term retail and commercial banking growth opportunities in the region,” said Thomas Wu, president and CEO of UCBH Holdings.
Wu said New England has growth potential in industries such as high tech and biotech and that the merger will allow UCBH to “provide a broader range of services” to the area.
Dadgum it, why can’t Boston companies ever be on the winning end of these things?
