First Security Corp. has opened a trade services subsidiary in Hong Kong in response to the growth in international business between the Intermountain area and the Asia-Pacific region. First Security Trade Services Ltd. of Hong Kong will be operated as a subsidiary of First Security Corp., making the firm the first banking and financial services provider headquartered in the Intermountain Region to establish a presence in Asia.
"Providing international banking assistance to our customers is one of the key services we offer at First Security," said Mark Howell, executive vice president of First Security Business Banking Services. "The establishment of our Hong Kong subsidiary further enhances the quality of service we can provide our clients through faster turnaround on transactions and superior document processing."First Security has linked up with the Bank of New York to help provide international banking services to its customers who trade with firms in the Asia-Pacific area. The Bank of New York has had a presence in the Pacific Rim for nearly 40 years and is one of the largest international banking institutions in the United States.
The Utah Department of Community and Economic Development reports that Hong Kong is the leading destination in the world for Utah exports, which totaled $456 million in 1994.