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Article: Asian market interests banks.
- Article from:
- The Philadelphia Inquirer (Philadelphia, PA)
- Article date:
- August 14, 2007
CopyrightCOPYRIGHT 2007 The Philadelphia Inquirer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Lou Yi
Aug. 14--A decade ago, Chinese immigrant Jinhuo Chen opened a bank account near his South Philadelphia home, then soon closed it and trekked to Arch Street in Chinatown.
The reason was simple: Chen did not speak English. "It is too inconvenient. You don't understand the rules of banking, but you cannot talk with them at the bank," recalled Chen, 47.
Today, it is the banks that are making moves in search of people such as Chen, now a small-property developer in the city. Local, national and global banks are competing over the high-income Asian American market, finding lucrative opportunities and unique cultural challenges in ...