Bank of America and the East Boston Savings Bank have opened up new branches in the Chinatown neighborhood, making it a premier destination for banking. According to the FDIC, deposits at the five banks in Chinatown grew 40 percent from 2012 to 2015, totaling $1 billion, which is more than five times the growth of deposits citywide.

“In the last five years, there’s been an enormous amount of money flowing out of China and into the U.S.,” East Boston Savings CEO Richard Gavegnano told the Boston Business Journal. “If you look at the areas around the city of Boston connected by the T, there’s tremendous investment from Asia going into North Quincy, Quincy, Malden. That’s what you’re seeing coming into the city.”

According to the Boston Business Journal, the influx of Chinese investors in Boston real estate has helped to drive the growth of banking. New residential developments in the Chinatown area have also helped drive banking. A 66-unit affordable housing complex, for instance, is currently under development in Chinatown, along with a 17-story hotel. East Boston Savings’ new branch is located on the first floor of One Greenway, a luxury high rise apartment building that opened last year.

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