The Bank of East Asia China, a wholly owned subsidiary of The Bank of East Asia, has opened a cross-location sub-branch in Zhongshan, Guangdong Province under the liberalization measures of supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement.
In addition, The Bank of East Asia China (BEA China) has received approval from the China Banking Regulatory Commission to establish a cross-location sub-branch in Huizhou, Guangdong, which is expected to open in the first quarter of 2010.
Zhongshan sub-branch provides foreign currency and renminbi banking services to all customers. Services include account and deposit services, loans and advances, bill acceptance and discounting, documentary credit and bank guarantees, remittance and international settlement, foreign exchange, derivative products, agency services for general and life insurance products, and overseas investment services to local residents and enterprises.
KP Li, chairman and CEO of BEA and also chairman of BEA China, said: "We are delighted to establish a 'cross-location' sub-branch in Zhongshan, which is strategically important as a major industrial center in the Pearl River Delta. Given the rapid pace of economic development in Guangdong, the Zhongshan sub-branch is an important addition to our network and will enable us to better serve the diverse needs of our customers in Zhongshan and neighboring areas."
Source: Datamonitor
