OREANDA-NEWS. February 22, 2011. The Bank of East Asia (“BEA”) announces that its wholly-owned subsidiary, The Bank of East Asia (China) Limited (“BEA China”), has opened a new “cross-location” sub-branch in Jiangmen City, Guangdong Province, reported the press-centre of Bank of East Asia.

Jiangmen Sub-branch is the fifth “cross-location” sub-branch set up by BEA China under the liberalisation measures of Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement, which became effective in October 2009. BEA China’s other four “cross-location” sub-branches are located in Foshan, Zhongshan, Huizhou, and Zhaoqing.

Located in the western part of the Pearl River Delta Region, Jiangmen is an important manufacturing centre in Guangdong, primarily for the production of motorcycles, home appliances, textiles, and garments. As a regional transportation hub, the city is also well positioned to benefit from the construction of the Hong Kong-Zhuhai-Macau Bridge, which is expected to be completed by 2016.

Dr. David K.P. Li, Chairman & Chief Executive of BEA and Chairman of BEA China, says, “We are pleased to announce the opening of our Jiangmen Sub-branch, the newest addition to our Pearl River Delta network of branches and sub-branches. Given the close economic ties between Hong Kong and Guangdong, we will continue to actively expand our branch network in the province to better serve the diverse needs of our customers on the mainland and in Hong Kong.”

At present, BEA China operates the largest branch network of any mainland incorporated foreign bank in Guangdong, with 27 outlets in eight cities, namely Shenzhen, Guangzhou, Zhuhai, Foshan, Zhongshan, Huizhou, Zhaoqing, and Jiangmen. In addition, BEA operates a representative office in Dongguan city.

Jiangmen Sub-branch provides comprehensive Renminbi and foreign currency banking services to all customers. Services include account and deposit services, loans and advances, bill acceptance and discounting, documentary credit and bank guarantees, remittance and international settlement, foreign exchange, derivative products, agency services for general and life insurance products, and overseas investment services to local residents and enterprises.