OREANDA-NEWS. March 21, 2012. 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 Shunde District of Foshan City, Guangdong Province, reported the press-centre of BEA.

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 Shunde Sub-branch. Given the strong cultural and economic ties between Hong Kong and Shunde, this new subbranch will enable us to better serve the domestic and cross-border banking needs of our customers in and around Shunde.”

Located in the heart of the Pearl River Delta, Shunde is one of the country’s major manufacturing bases for electric appliances and furniture, and the home of many well-known brands. Shunde is also the hometown of many Hong Kong, Macau and overseas Chinese, and such a relationship bond helps promote the business and tourism in Shunde.

Shunde Sub-branch is the seventh “cross-location” sub-branch of BEA China in Guangdong Province established under the liberalisation measures of Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement. Apart from Shunde Sub-branch, BEA China has set up six “cross-location” sub-branches in the province, namely Foshan, Zhongshan, Huizhou, Zhaoqing, Jiangmen, and Dongguan sub-branches. At present, BEA China operates the largest branch network of any Mainland-incorporated foreign bank in Guangdong, with a total of 30 outlets.
 
Shunde 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, agency services for general and life insurance products, and overseas investment services for local residents and enterprises.