Zhongshan, Foshan host BEA sub-branches

The China Banking Regulatory Commission approved BEA's application to establish “cross-location” sub-branches in Zhongshan and Foshan cities.

This was done under the new liberalization measures of Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement.

BEA China lodged applications with the CBRC soon after the new liberalization measures came into effect on 1 October 2009. Preparatory work has already begun on the Zhongshan and Foshan sub-branches, which are expected to open early next year. BEA China plans to provide a comprehensive range of banking products and services to customers in Zhongshan and Foshan, two important prefecture-level cities in Guangdong.

Under Supplement VI to the CEPA, banks in Hong Kong with branch outlets in Guangdong may set up sub-branches in any municipality within the province without the need to first establish a branch in the same municipality, as previously required.

"These two new locations will strengthen our presence in the Pearl River Delta, and enable us to serve our customers more effectively throughout the province," said Dr. David K.P. Li, Chairman & Chief Executive of BEA and Chairman of BEA China.