CEO Tommy Wu Banks on Community
December 29, 2005
President and CEO Thomas S. Wu of United Commercial Bank looks fresh and relaxed for his mid-morning interview, although he had already been at work since 6:30 a.m., had just flown in from China the day before and worked till 7:30 p.m. that evening.
“This is my life,” he laughs. “I am constantly traveling to our 46 nationwide branches as well to our overseas offices in China, Hong Kong and Taiwan. Luckily, I am a high-energy person who only needs to sleep 4-5 hours daily.” Obviously this could be a key factor to Wu’s entrepreneurial success. He has been named one of the top-earning CEOs in America, which he modestly denies as he recounts his beginnings.
“When I first applied for a management trainee position at a bank in Hong Kong where I grew up and was educated, I had no idea this would be my eventual career path as I had always wanted to be an interior designer. But the more I learned in the training program, the more I liked it and meeting people from all walks of life,” remembers Wu.
Eventually, First Pacific Bank of Hong Kong brought Wu to California in 1991 as director of retail banking for its subsidiary, United Savings Bank. In 1998, he became United’s president and chief executive officer, and then orchestrated a management led buyout. He changed its charter to a commercial bank and took the company public. In October 2001, he was appointed Chairman of the Board.
In seven years, UCB’s assets have gone from under $800 million to over $7.3 billion, and it has become the leading bank serving the ethnic Chinese community.
“Since the bank first started, its original intent was always to focus on the Asian population as the ethnic Chinese community had always been underserved,” says Wu. He says the strong brand name of the bank is fueling plans for further expansion domestically and globally. The CEO hopes to reach $15-20 billion in assets in the next five years.
“I’d like to say we are not just focused on selling products, but more importantly cultivating relationships and nurturing them when a new customer comes to us and hopefully, continuing through successive generations. We have family banking programs, and we’re the first bank to offer trilingual phone banking service in English, Mandarin and Cantonese, and even provide a bilingual interactive Internet portal in both English and Chinese (www,ibankUnited.com).”
Wu points out that 50,000 immigrant families come to the U.S. from Hong Kong, China and Taiwan. “When you look at demographics of ethnic Chinese, New York is first in population, Los Angeles second and San Francisco third, so we plan to expand in those three areas.”
Wu’s expertise in servicing these customers comes from personal experience.
“Even when I bought my first home in 1992 and was working in a bank’s senior position, I had a difficult time getting a home loan because I didn’t have a credit history here. When I thought about my own predicament, I thought to myself what about the new immigrants who don’t even understand the banking system, much less speak English,” Wu solemnly recounts.
But Wu adds the bank’s success in achieving customer loyalty also comes from its commitment to the community.
“We try to outreach as much as we can, and donate a lot of the bank’s resources to most of the local community organizations,” Wu explains. “I know personally we have supported the Chinese Culture Center and Self-Help for the Elderly significantly over the past 10 years.”
“In addition, I feel that as a San Francisco headquartered bank, we need to outreach into the general community also, and we have been a major supporter of San Francisco Symphony’s Chinese New Year’s program for the past few years. My wife Jessa and I have a love of classical music, and have been particularly pleased that the SFS has made a conscious drive to bring cultural diversity to their programs with their Chinese New Year’s concert programs. I sit on their Board of Governors and Jessa is chairing the upcoming February 1, 2006 Chinese New Year concert where new Chinese musicians and their works will be spotlighted.”
Wu also cultivates loyalty and customer service among the United Commerical Bank’s staff, which is 80 percent ethnic Chinese.
“At UCB, we take in about 10 interns who go through an extensive 6-12 months training program. We have had a very good success rate of loyalty of interns who continue to work for us, and many have gone on to top levels of management. What do we look for in our intern search, which draws hundreds of applicants? Leadership skills is what I think are vital with someone who has a passion for learning and an inclination for banking.”
The passion in Wu himself is obvious.
“I always thought to myself, I may not be as smart as other people, but if the average person works 8 hours, I will work 12-14 hours. Within 10 years, I should be 5 years ahead of that person. In 20 years, I should be 10 years ahead, so I guess that’s why I’ll continue that hectic workday regimen I have become so accustomed to.”
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