Doreen Woo Ho’s New Chapter Is Her Last, San Fran’s R&G Lounge Says “Drop Dead”
by ilene - November 6th, 2009 10:05 pm
Doreen Woo Ho’s New Chapter Is Her Last, San Fran’s R&G Lounge Says "Drop Dead"
Courtesy of Tyler Durden
October 1, Message from Doreen Woo Ho, CEO of United Commercial Bank:
Dear Valued Customer,
As UCB’s Acting President and CEO, one of my top priorities is to keep our customers updated on important developments at the bank. Over the last several weeks, we have made significant strides in our effort to turn the page and start a “new chapter” in UCB’s history. We are working closely with our regulators to make the bank stronger for the benefit of our customers and other stakeholders in the U.S. and China. Let me briefly summarize the progress we have made in the past few weeks.
Partnership with China Minsheng Bank
I recently returned from China, where I met with the Board and management of our strategic investor, China Minsheng Bank (CMBC). They expressed their continued support of UCB and interest in working together on strategic initiatives and other business synergies.
Currently, a group of 17 young managers from CMBC are visiting our San Francisco headquarters, where they are spending six weeks undergoing both classroom and practical training in various departments of the bank. This collaboration has helped members of both banks deepen our understanding of each other’s business and will help us find new ways to enhance UCB’s high-value products and services.
Capital Plan
We are focused on addressing our capital needs going forward, as we announced in our press release on September 8. To that end, we are aggressively moving forward with our capital plan and have engaged a financial advisor to help us look at all our options. As soon as we have something specific to disclose, we will communicate it publicly to all our customers and other stakeholders.
Financial Restatement & Management Action Plan
In the last few weeks we have aligned our team with our outside auditors at KPMG to work as expeditiously as possible to complete our financial restatement. The entire management team is doing its utmost, as are our auditors, to move the bank forward and put us back on a solid foundation for the future.
Community Support
While we are working hard to move the bank forward, all of us at UCB continue to partner with members of our communities in the U.S.…