Shanghai, 30th June, 2017– The Bank of East Asia, Limited (“BEA”) today announces that East Asia Qianhai Securities Company Limited (“EA Qianhai Securities”) has received approval for establishment by the China Securities Regulatory Commission. BEA, as the single largest shareholder with 49% interest, establishes the joint venture securities company with Shenzhen Qianhai Financial Holdings Co., Ltd. (“Qianhai Financial Holdings”), and two local corporate shareholders.
EA Qianhai Securities will be incorporated in Qianhai, Shenzhen with issued capital of CNY1.5 billion. EA Qianhai Securities will become one of the few fully licenced securities companies established under the Supplement X of the Mainland and Hong Kong Closer Economic Partnership Arrangement (“CEPA 10”).
The establishment of EA Qianhai Securities is a marked achievement of cooperation between Shenzhen and Hong Kong in the Qianhai region, as well as the liberalisation of the financial sector, particularly the securities sector under CEPA 10.
Commenting on this achievement, Dr. David K.P. Li, Chairman & Chief Executive of BEA, said: “The establishment of EA Qianhai Securities expands BEA’s capital market business to Mainland China, enabling the Bank to further enrich its service offering in the market. BEA will leverage its strong risk management capabilities, broad customer base, and rich experience in global business operations to support the growth of EA Qianhai Securities, and act as a positive force in deepening the financial cooperation between Shenzhen and Hong Kong.”
The scope of services offered by EA Qianhai Securities will include securities brokerage, securities underwriting, securities asset management, and proprietary securities trading.
As a fully licenced securities company established under CEPA 10, EA Qianhai Securities will fully capitalise on the resources of both its Hong Kong and Mainland-based shareholders to develop its business, and contribute towards the transformation and upgrading of the real economy in Mainland China.
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About BEA China
Headquartered in Shanghai, The Bank of East Asia (China) Limited ("BEA China") was one of the first foreign banks to receive approval from the China Banking Regulatory Commission to establish a locally-incorporated bank in Mainland China. Leveraging its deep insights into the China market as well as BEA (HK) Head Office's banking expertise in Hong Kong and overseas, BEA China offers a wide range of banking and financial services to customers. BEA China operates one of the largest networks of any foreign bank in Mainland China.
About The Bank of East Asia, Limited
Incorporated in Hong Kong in 1918, The Bank of East Asia, Limited ("BEA") is Hong Kong's largest independent local bank, with total consolidated assets of HK$765.7 billion (US$98.7 billion) as of 31st December, 2016. Listed on The Stock Exchange of Hong Kong Ltd, the Bank is one of the constituent stocks of the Hang Seng Index.
BEA Group operates an extensive service network, with over 210 outlets covering Hong Kong, other parts of the Greater China region, South East Asia, Britain and America. BEA is dedicated to providing comprehensive corporate banking, personal banking, wealth management, and investment services to customers. For details of our services, please visit any BEA branch or our websitewww.hkbea.com.
About EA Qianhai Securities Company Limited
EA Qianhai Securities will be incorporated in Qianhai, Shenzhen with issued capital of CNY1.5 billion. After obtaining business licence and securities business licence, EA Qianhai Securities will officially commence operations on securities brokerage, securities underwriting, securities asset management, and proprietary securities trading.
For press enquiries, please contact:
Marketing & Communications Department
The Bank of East Asia (China) Limited
Tel.: (86) 21 3866 3866
