Immediate Release

June 21, 2004

FAR EAST NATIONAL BANK IS ONLY CALIFORNIA-BASED BANK TO HAVE LICENSE FOR A FULL-SERVICE BRANCH IN VIETNAM

-- One of only three U.S. banks to operate in Vietnam --

LOS ANGELES – Far East National Bank has received a license to open a full-service branch in Ho Chi Minh City, Vietnam, making it the only California-based bank and only the third U.S. bank to currently have a branch in Vietnam.

“Establishment of a branch in Vietnam extends our Pacific Rim network to another major trading partner for our U.S. customers, reinforcing our position as the premier provider of CrossPacific Financial Services™,” said Paul C. Lo, Chairman of Far East National Bank and Chief Executive Officer of its parent company, SinoPac Holdings of Taiwan. “Our strong position in Southeast Asia places Far East National Bank on an equal footing with the industry giants when it comes to CrossPacific business.”

Lo pointed out that Vietnam is just beginning to see the results from its Bilateral Trade Agreement with the U.S. approved in late 2001. “Vietnam has moved quickly to modernize its economy and it has achieved good GDP growth in the past two years. It provides an important burgeoning market for us and for our customers,” he noted.

The Far East National Bank Vietnam branch is expected to open this October in Ho Chi Minh City. Ricky Chen, who has been Bank SinoPac’s Chief Representative in Vietnam for the past five and one-half years, will become General Director of the branch.

“Mr. Chen’s extensive network of contacts and understanding of banking and trade regulations will be a great asset for Far East National Bank customers doing business or planning to do business in Vietnam,” said President Robert B. Oehler. Additionally, George Baker, Senior Vice President and head of the bank’s International Financial Institutions business, will be relocating to the Ho Chi Minh City office from Los Angeles.

Oehler pointed out that Far East National Bank in Vietnam will be able to take deposits and make loans in Vietnam dong, as well as U.S. dollars. Further, deposits will be linked with the sophisticated technology that allows Far East National Bank customers to go online and, in accordance with local regulations, move funds in local currencies between accounts in its network banks in the U.S., Taiwan, China and Hong Kong. It is the only U.S. bank with this capability.

This is the first branch license issued to a U.S. bank since the Bilateral Trade Agreement, Oehler reported. It will be subject to State Bank of Vietnam regulations governing branches of foreign banks.
Headquartered in Los Angeles, Far East National Bank has 15 offices throughout California plus facilities in Shanghai, Beijing, Hong Kong and Taipei. Its customers have access to worldwide services through its relationship with SinoPac Holdings, a fully integrated financial network with more than $18 billion in assets and 140 locations worldwide.

 

Far East National Bank Contact:
Joyce Wong
(213) 687-1267