Bank of East Asia, the largest independent bank in Hong Kong, is beefing up its U.S. operations with a deal to buy the $87 million-asset National American Bank in San Francisco.
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The deal, announced Tuesday, is expected to close early this year. It would give the $27.3 billion-asset Bank of East Asia three branches in San Francisco - to go along with its four in Los Angeles County and one in New York - and would boost its assets in the United States to roughly $600 million.
National American would be merged into the Bank of East Asia USA, which is based in New York.
Bank of East Asia, which did not say how much it would pay, has more than 160 branches worldwide, including 110 in Hong Kong.
