On 26th June, 2019, The Bank of East Asia (China) Limited (“BEA China”) announced that its parent company The Bank of East Asia, Limited (“BEA”) has injected an additional RMB 2 billion into the bank to increase its registered capital from RMB 12.16 billion to RMB 14.16 billion, of which the application has already been approved by the China Banking and Insurance Regulatory Commission (“CBIRC”). The increase of the registered capital will facilitate BEA China to maintain a sustainable and steady development on the Chinese Mainland and ensure the bank continue to have one of the strongest capital bases of any foreign-owned subsidiary bank in market.
Mr. Cartier Lam Chi-man, Executive Director & Chief Executive of BEA China, says, “The capital injection from our parent company will strengthen the capital structure of BEA China and support BEA China to have a further development in Mainland. Furthermore, the capital injection also reaffirms BEA’s long-term commitment in the Mainland market as well as its confidence in the development prospect of BEA China.”
Incorporated in Hong Kong in 1918, BEA has operated continuously in Mainland since the establishment of its first branch in Shanghai in 1920. BEA has not only witnessed the significant development stages of the reform and opening-up in the Mainland market, but also actively participated in them. In 2007, BEA established its wholly-owned, locally-incorporated banking subsidiary BEA China. As one of the first locally-incorporated foreign banks in Mainland, BEA China has expanded its business scale continuously in the market and recorded a number of business innovations in the foreign banking industry in Mainland.
Looking forward, while maintaining its unique advantages, BEA China will actively seize the opportunities of the new-round financial reform and opening-up in Mainland to continuously optimise its business structure and enhance its core competitiveness, dedicating to becoming the best localised foreign bank in the market.