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On his inaugural visit to China, Los Angeles Mayor Eric Garcetti witnessed a historic partnership between two Chinese American Companies that already call the city of Los Angeles home. On what was just supposed to be a branch opening for Los Angeles based East West Bank Corporation, key BYD Company Ltd. executives including Founder and Chairman Wang Chuanfu, made a surprise announcement they would also be signing a new Strategic Cooperation Agreement as the branch’s first order of business. This is great for East West as BYD is well known as one of Shenzhen’s most influential corporations with much influence throughout the Guangdong Provence, and is just as great for BYD who now also calls Los Angeles home. In attendance at the event were Key executives from the city of Los Angeles including Mayor Garcetti, LA Economic Development Corporation President Bill Allen and East West Bank CEO Dominic Ng as well as BYD’s Chairman Wang Chuanfu, and Senior Vice Presidents Stella Li and Jingsheng Wu.
MOU Signing Ceremony between BYD and East West Bank
“I have seen BYD and East West Bank grow tremendously, both of which established headquarters in the City of Los Angeles.” Said Los Angeles Mayor, Eric Garcetti. There is no doubt the branch in Shenzhen will help both companies continue to grow on each side of the Pacific.
Andy Yen, Executive Vice President and Head of International and Business Banking at East West Bank stated, “It was great to establish a global partnership with BYD. We expect long-term collaboration with BYD in Chinese mainland, Hong Kong, and the U.S. and will actively support BYD in its global business development.”
East West Bank Shenzhen Branch Opening and the MOU Signing Ceremony
BYD Company Ltd. is one of China’s largest companies to have successfully expanded globally. Specializing in battery technologies, their green mission to “solve the whole problem” has made them industry pioneers and leaders in several High-tech sectors including High-efficiency Automobiles, Electrified Public Transportation, Environmentally-Friendly Energy Storage, Affordable Solar Power and Information Technology and Original Design Manufacturing (ODM) services. As the world’s largest manufacturer of rechargeable batteries, their mission to create safer and more environmentally friendly battery technologies has led to the development of the BYD Iron Phosphate (or "Fe") Battery. This fire-safe, completely recyclable and incredibly long-cycle technology has become the core of their clean energy platform that has expanded into automobiles, buses, trucks, utility vehicles and energy storage facilities. BYD and all of their shareholders, including the great American Investor Warren Buffett, see these environmentally and economically forward products as the way of
the future.
Both East West Bank and BYD are excited for a number of Green Tech projects they plan to work together on in the near future that will continue to stimulate the Economies of both The United States and China.