The Bank of East Asia (BEA) has opened a new sub-branch in Shanghai Xujiahui on the Chinese mainland.

The Hong Kong based bank says Shanghai is a particular target, and the new branch will be providing a range of services, including letter of credit (L/C) issuance.

Shanghai target

"Shanghai has always been an important part of BEA's network on the mainland," Executive Director & Deputy Chief Executive, Mr. Chan Kay-cheung said at the sub-branch opening.

"Given the rapid pace of development in Xujiahui, the establishment of our new sub-branch marks a logical progression for the bank, and we are pleased to extend our full range of banking and financial services to corporate and individual customers in this increasingly affluent part of Shanghai," he added.

Service provision

The new sub-branch provides foreign currency services to all types of customers and Renminbi services to local and foreign enterprises and individuals.

As well as L/C issuance, services provided include deposits, loans and advances, bill acceptance and discounts, bank guarantees, remittance and international settlement, foreign exchange and derivative products.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.