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Bank of East Asia kicks off local operation

Chan Kay-cheung, deputy chief executive of Bank of East Asia, gives a toast at a ceremony for its official launch in China as a locally incorporated bank in Shanghai April 2, 2007. Four global banks, including Citigroup Inc. and HSBC Holdings Plc., kicked off domestically incorporated Chinese units on Monday, becoming the first foreign banks able to tap China's $2 trillion in personal savings. [Reuters]