The bank has received the greenlight from China's banking regulator.
The Bank of East Asia (China) Limited has received approval from the China Banking Insurance Regulatory Commission to upgrade its Shenzen Qianhai sub-branch into a full branch, making it the first foreign bank to be allowed to establish a branch in Qianhai, Shenzen.
The Qianhai sub-branch was set up in early 2013 with the goal of providing banking services to the neighboring community, according to a media statement.
Upon the completion of the necessary licensing procedures and system upgrades, Qianhai branch will provide banking services under its full branch status for customers and partners in Qianhai and throughout the Greater Bay Area as well as explore opportunities for cross-border innovative financial services.
“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,” said Brian Li, executive director & deputy chief executive of BEA and vice chairman of BEA China.
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