The Bank of East Asia has injected additional capital of two billion Chinese yuan into The Bank of East Asia (China) Limited to support the wholly-owned subsidiary’s continued business expansion on the Mainland.
With this injection, BEA China’s registered capital increases from CNY 8 billion to CNY 10 billion, and BEA China continues to have one of the strongest capital bases of any foreign-owned subsidiary bank in China.
Dr. David K.P. Li, chairman and chief executive of BEA and chairman of BEA China, said: "Since its establishment in 2007, BEA China has grown its business successfully on the Mainland, and enabled other Group members to benefit from its strong expertise and network. The additional capital injection not only strengthens the capital base of BEA China, but also provides BEA China with more funding to capture business opportunities arising from the further liberalisation of China’s financial system. We would like to thank the relevant government authorities for the guidance and support they have extended to our Bank during the approval process," he added.
The additional capital injection reaffirms BEA’s long-term commitment to Mainland China, which has always been the focus of the Group. As one of the first locally-incorporated foreign banks to open for business in China, BEA China continues to expand its branch network strategically throughout the country.
Since its establishment, BEA China has increased its branch network from 28 to 127 outlets, and it has become an increasingly important contributor to the BEA Group.