OREANDA-NEWS. March 01, 2013. The Bank of East Asia (“BEA”) announces that its wholly-owned subsidiary on the Mainland, The Bank of East Asia (China) Limited (“BEA China”), has opened a new “cross-location” sub-branch in Qingyuan City, Guangdong Province.

Located in Northern Guangdong, Qingyuan is the largest prefecture-level city in terms of area in the province. Qingyuan has greatly benefited from the “Decision about Promoting Relocation of Industries and Labour Force” policy since its implementation by the Guangdong Government in 2008. This “dual strategy” supports the transfer of labour-intensive industries from the Pearl River Delta region to other parts of Guangdong. Qingyuan has attracted a great deal of investment, strengthening the development of its local industries including cement, ceramics,  non-ferrous metal, electronics, and information technology.

The Qingyuan Sub-branch is BEA China’s eleventh “cross-location” sub-branch in Guangdong Province established under the liberalisation measures of the CEPA 6 (Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement). BEA China operates one of the largest foreign bank branch networks in Guangdong Province, with a total 34 out lets in 12 cities, namely Shenzhen, Guangzhou, Zhuhai, Foshan, Huizhou, Zhongshan, Zhaoqing, Jiangmen, Dongguan, Zhanjiang, Shantou, and Qingyuan.

Qingyuan 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 overseas investment services for local residents and enterprises.