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Bank of East Asia Establishes First Beijing Branch

The Hong Kong-based Bank of East Asia (BEA) recently became Beijing's 20th foreign bank by opening a branch in the city. For eight years it had only a representative office here.

Among all the foreign banks in China, BEA has the largest network with eight branches, two sub-branches and six representative offices. It will provide foreign exchange services to domestic residents and enterprises, including deposit, loan and bill payment facilities; deal in the trading of governmental and financial bonds and stock; and in credit investigation and consultation.

Chan Kay-Cheung, BEA's executive director and deputy chief executive, expressed optimism about mainland business, saying his bank's mainland branches contribute 12.4 percent of the banks total profits while accounting for only 6.5 percent of its assets.

David Li Kwok Po, BEA chairman and executive president, told Liu Mingkang, chairman of China Bank's Regulatory Commission, that BEA hoped to hold a 20 percent share in a domestic bank.