OREANDA-NEWS. October 07, 2011. The Bank of East Asia (“BEA”) announces that its wholly-owned subsidiary on the Mainland, The Bank of East Asia (China) Limited (“BEA China”), opened a new “cross-location” sub-branch in Dongguan, Guangdong Province, reported the press-centre of BEA.

Dr. David K.P. Li, Chairman & Chief Executive of BEA and Chairman of BEA China, said, “We are very pleased to announce the opening of our Dongguan Sub-branch, which is an important addition to our Mainland network. In line with the enhanced measures recently announced by the Central Government to support the establishment of “cross-location” sub-branches by Hong Kong-invested banks in Guangdong Province, we will continue to extend our presence there to capture the new business opportunities arising from the closer economic co-operation between the Mainland and Hong Kong.”

Dongguan Sub-branch is the sixth “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. BEA China’s other five “cross-location” sub-branches in Guangdong are located in Foshan, Zhongshan, Huizhou, Zhaoqing and Jiangmen cities. BEA China currently operates the largest branch network of any Mainland-incorporated foreign bank in Guangdong, with a total of 28 outlets.

Located in the centre of Guangdong, Dongguan is an important industrial and commercial centre in the Pearl River Delta Region. The city is also a major export centre on the Mainland, and it has developed strong economic ties with Hong Kong and overseas markets over the past decades.

BEA first established its presence in Dongguan in 2005 when it opened a representative office to provide liaison and consultancy services to customers in and around Dongguan. With the opening of the new sub-branch, BEA’s Dongguan Representative Office has been closed.

Dongguan 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 settlement, foreign exchange, derivative products, debit cards and credit cards, and agency services for general and life insurance products, and overseas investment services for local residents and enterprises.