Hong Kong- based Bank of East Asia’s (BEA) subsidiary The Bank of East Asia (China) has received approval to open a full branch in China.

“With this approval, BEA China has become the first foreign bank on the Mainland to be allowed to set up a branch in Qianhai, Shenzhen,” BEA said in a statement.

The approval, awarded by the China Banking Insurance Regulatory Commission (CBIRC), will enable BEA China to upgrade its Shenzhen Qianhai sub-branch into a full branch.

Following its opening in 2013, the sub-branch focussed on providing banking services to the region and is stated to have developed strategic partnerships with multiple institutions and service platforms in the region.

The branch will now carry system upgrades and complete the licensing procedure as part of the approval process, and then start offering the full-suite of banking and financial services to its customers and partners in Qianhai as well as throughout the Greater Bay Area.

BEA executive director and deputy CEO and BEA China vice-chairman Brian Li said: “The unique status of the Guangdong-Hong Kong-Macao Greater Bay Area will provide unprecedented opportunities for financial institutions in the region, and Qianhai serves the role as a core driver for development in the Area.

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“To capitalise on growth opportunities, BEA China applied for approval to upgrade its Qianhai Sub-branch to a full branch to provide more comprehensive services to customers in Qianhai and to act as a positive force in fostering the development of Qianhai and the Greater Bay Area.”