BRANCH BANKING | Tony Chua, Hong Kong

Bank of East Asia and Affin seal MoU

MoU strengthens lenders' ability to serve customers and tap opportunities in Greater China and Southeast Asia.

The Bank of East Asia, or BEA, and Affin Holdings, or AHB, have signed a memorandum of mutual understanding, or MoU, to formally establish a strategic partnership.

Under the MoU, the two financial institutions will jointly develop their business potential in Mainland China, Hong Kong, Malaysia, and other markets where they both operate. BEA holds a 23.5% stake in AHB.

AHB's customer base in Malaysia will reportedly support BEA's business expansion plans in the region. At the same time, this strategic partnership will enable AHB to support its Malaysian customers in Mainland China and Hong Kong by leveraging BEA's branch network and range of financial products and services.

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