OREANDA-NEWS. July 17, 2013. The Bank of East Asia (“BEA”) announces that its wholly-owned subsidiary, The Bank of East Asia (China) Limited (“BEA China”) is among the first batch of foreign banks to have been granted a local mutual fund distribution licence in Mainland China.

Over the years, China’s mutual fund industry has grown in tandem with the country’s wealth management industry. China’s mutual fund industry started to flourish in 2012 and developments in the market have become steady and sustainable.

As a leading foreign bank on the Mainland, BEA China can leverage its extensive customer base to introduce high-net worth customers to the mutual fund market. In addition, the licence will enable BEA China to expand its business development opportunities.

BEA China began to study the feasibility of distributing local mutual funds in China in 2007, and started preparatory work for its fund distribution business in 2008. BEA China now has the professionals and systems in place to support the launch of mutual fund distribution to its strong client base.

BEA China is highly optimistic about the development of the China fund market, and how the market will help it capture greater cross-selling opportunities and increase its non-interest income. BEA China also plans to actively participate in the development of the China fund market going forward.