Shang Hai, 12th July, 2018 – The Bank of East Asia (China) Limited (“BEA China”) announces that it has received approval from the China Banking Insurance Regulatory Commission (“CBIRC”) to upgrade its Shenzhen Qianhai Sub-branch to a branch. With this approval, BEA China has become the first foreign bank on the Mainland to be allowed to set up a branch in Qianhai, Shenzhen.

Mr. Cartier Lam Chi-man, Executive Director & Chief Executive of BEA China said: “The unique status of the Guangdong-Hong Kong-Macao Greater Bay Area will provide unprecedented opportunities for financial institutions in the region, and Qianhai serves the role as a core driver for development in the Area.  To capitalise on growth opportunities,, it only takes a short time for BEA China applied for approval to upgrade its Qianhai Sub-branch to a full branch, it fully reflects the determination and strength of CBRC to actively promote the opening up to foreign banks.”

As the first foreign bank to enter Qianhai, BEA China took the lead in setting up its Qianhai Sub-branch in early 2013, focussing on supporting and serving the development of the zone. Having provided banking services to the neighbouring community for five years, BEA China’s Qianhai Sub-branch has developed a solid customer base and service system, and has established strategic partnerships with a number of innovative institutions and service platforms in Qianhai.

Upon the completion of licensing procedures and system upgrades, Qianhai branch will provide comprehensive banking and financial services under its full branch status for customers and partners in Qianhai and throughout the Greater Bay Area, and will actively explore opportunity for cross-border innovative financial services.