OREANDA-NEWS. December 29, 2011. The Bank of East Asia ("BEA") today announces that its wholly-owned subsidiary on the Mainland, The Bank of East Asia (China) Limited ("BEA China"), opened a new branch in Changsha, the capital of Hunan Province, on 26th December. The opening of the new Changsha Branch is of particular significance, as it is the first outlet opened by BEA China in Hunan.

Commenting on the opening of the branch, Dr. David K.P. Li, Chairman & Chief Executive of BEA and Chairman of BEA China, said, "We are delighted to extend our banking and wealth management services to customers in Changsha. The branch further strengthens our presence in Central China, which includes our existing outlets in Wuhan of Hubei Province; Hefei of Anhui Province; and Zhengzhou of Henan Province."

Changsha is a major port and an important commercial and industrial city in Central China. With the opening of Changsha Branch, BEA China now operates in 30 cities on the Mainland and the Bank plans to continue expanding its network in major urban centres nationwide in the coming years. "We anticipate strong demand from individuals and businesses in and around metropolitan Changsha for our personal and corporate banking services, and we look forward to forging strong ties with customers in this dynamic region," Dr. Li added.

Thanks to the Chinese government's "Rise of the Central China Plan" and the development of the "Changsha-Zhuzhou-Xiangtan City Cluster", Changsha has experienced rapid economic development and attracted a tremendous amount of foreign investment in recent years. Changsha is also one of the cities with the highest per capita income in Central China, contributing to the dramatic growth of the city's consumer market.

Changsha 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 overseas investment services for local residents and enterprises.

For more information on Changsha Branch, please contact Mr. Wu Xiaojun, General Manager of the Branch at 1/F, Xinshikong Building, No. 398, 3rd Section, Furong Middle Road, Tianxin District, Changsha, Hunan Province, China [tel.: (86 731) 8996 0000; fax: (86 731) 8985 2666]. Enquiries may also be directed to BEA's China Division in Hong Kong on tel.: (852) 3608 3007 or fax: (852) 3608 6212.