HONG KONG, Nov. 7 (Xinhua) -- The deposits at the United Commercial Bank Hong Kong (UCBHK) will continue to be fully covered by the city's deposit protection schemes, the Hong Kong Monetary Authority announced Saturday.

    The announcement was made following the global acquisition of the debt-laden United Commercial Bank by the East West Bank. Both banks were headquartered in the United States and have operations in many places, including Hong Kong.

    Under an agreement between the East West Bank and the Federal Deposit Insurance Corporation (FDIC), the assets and liabilities arising in respect of the operations of UCBHK will be transferred to the East West Bank, the Monetary Authority said.

    The East West Bank will make available adequate resources to fully meet all of the obligations of UCBHK, including its deposit liabilities.

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