On 10th September, 2021,The Bank of East Asia (“BEA” or “the Bank”) welcomes the upcoming launch of the Wealth Management Connect scheme (“WMC”) in the Greater Bay Area (“GBA”), and plans to leverage its established cross-boundary network to provide tailored financial solutions to customers in the region.
“With 1.8 million customers in the GBA and almost 90 branches covering all “9+2” cities, BEA is well positioned to grasp opportunities from regional financial market integration. We are expanding our talent pool, developing new business partnerships and introducing innovative products to cater to the specific needs of cross-boundary customers. Our unique dual platform and advanced digital offering will enable us to provide a seamless customer experience,” said Mr Adrian Li and Mr Brian Li, Co-Chief Executives of The Bank of East Asia.
Harnessing the GBA’s favourable policies, the Bank has stepped up its development in the region by pioneering the offering of GBA mortgage and facilitating cross-boundary remittance services. With the launch of the WMC, the Bank will further provide north-bound customers access to high-yield RMB assets on the Mainland, and give south-bound customers access to offshore investments, enabling them to diversify their portfolios. To strengthen its retail wealth management team, BEA plans to hire 300 sales staff across the GBA in the coming three years.
Building of BEA’s GBA Headquarters in Qianhai, Shenzhen will be completed soon
BEA has been in both Hong Kong and Mainland China for over a century and has well-established strategic business partnerships. Along with banking operations, the Group boasts licences and capabilities in securities through its 49%-owned joint venture East Asia Qianhai Securities Company Limited, and fund and asset management through its subsidiary BEA Union Investment (Shenzhen) Limited. Moreover, BEA’s information services unit, East Asia Digital Information Services (Guangdong) Limited, established in 2002, provides back-office support to cater for the growth needs of the Bank’s Hong Kong and Mainland China operations.
Going forward, the Bank will further enhance the synergies between these units, strengthen its franchise in the GBA and capture business opportunities in this dynamic region as the relevant government policies are announced and implemented.