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Bank of East Asia unveils ambitious mainland expansion drive
By Maggie Zhang |
December 8, 2011, Thursday
|
Online Edition
Online Edition
THE Bank of East Asia plans to open at least 10 new outlets each year on the Chinese mainland to ride on the country's economic growth.
The bank opened its 100th outlet in Shanghai today -- making Bank of East Asia (China) Ltd the second biggest overseas bank on the mainland in terms of number of outlets.
BEA has positioned most of its retail outlets in coastal areas, while the bank eyes both first-tier and smaller cities for its corporate banking business.
The bank prioritized business loans to small- and medium-sized companies as part of the bank's reorganization plans amid China's economic restructuring.
Small enterprises were expected to contribute 20 percent to the bank's bottom line over the next one to two years, the bank said.
At present, the business accounts for more than 10 percent of the bank's profits.
With its China headquarters based in Shanghai, the bank has positioned itself to capitalize on stronger links between Hong Kong and the mainland.
The bank opened its 100th outlet in Shanghai today -- making Bank of East Asia (China) Ltd the second biggest overseas bank on the mainland in terms of number of outlets.
BEA has positioned most of its retail outlets in coastal areas, while the bank eyes both first-tier and smaller cities for its corporate banking business.
The bank prioritized business loans to small- and medium-sized companies as part of the bank's reorganization plans amid China's economic restructuring.
Small enterprises were expected to contribute 20 percent to the bank's bottom line over the next one to two years, the bank said.
At present, the business accounts for more than 10 percent of the bank's profits.
With its China headquarters based in Shanghai, the bank has positioned itself to capitalize on stronger links between Hong Kong and the mainland.
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