The Bank of New York has appointed Louis T. Kung as managing director and country manager for the People’s Republic of China and general manager of the Bank’s Shanghai branch office. It has also appointed Shyan Wen Chu as managing director and senior sales officer for trade finance sales throughout Asia. Both Kung and Chu are based in Shanghai.
Since joining The Bank of New York in 1976, Kung has held several positions in both New York and Asia. Most recently, he was general manager of the Bank’s Taipei Branch, a position he held from 1997 to 2003. He was also the North Asia district manager of the Asia-Pacific Division and served as general manager of the Bank’s Singapore branch from 1991 to 1992. He has a bachelor’s degree in engineering from Tamkang University in Taiwan and an M.B.A in finance from St. John’s University in New York.
Chu joined The Bank of New York in 1989. During that time, he has served as country manager for China, was in charge of correspondent banking at the Bank’s Taipei office, and was general manager of the Bank’s Shanghai branch, a position he held from 2000 to 2003. He has a bachelor’s degree in economics from National Taiwan University in Taipei and an MBA from East Texas State University in the United States.
The Bank of New York has also expanded its trade processing capabilities in Asia by transforming its Shanghai branch into a dedicated (and recently upgraded) trade processing facility and hub for its regional trade finance operations.
Since being upgraded to a branch in 2000, the Shanghai office has developed the Bank’s custody and securities servicing operations in China and serves the banking needs of clients worldwide through a wide variety of products and services, including depositary receipts, cash management, trade finance and foreign exchange.
Kenneth A. Lopian, executive vice president and Head of The Bank of New York’s Asia-Pacific Division, says the expansion positions The Bank of New York as a leading trade services provider in Asia, enabling it to benefit from both China’s status as a world leader in global trade and increasing trade volumes in the region.
“Both Mr. Kung and Mr. Chu have substantial experience in the local markets and will help to successfully lead the Bank’s growth in the region,” says Lopian. “As China continues to grow in importance as a trade partner and financial services leader, The Bank of New York will be well-positioned to help our clients benefit from the renewed growth and continued development of the Asia financial markets.”