The Bank of East Asia (BEA) in December opened its latest branch on the Chinese mainland.

On opening, the new Qingdao Branch became the Hong Kong based bank's twelfth full-service branch on the mainland.

International trade

The location of the new branch at China's third-largest seaport underlines BEA's determination to win international trade finance business, including letter of credit (L/C) transactions.

"We at the Bank have long recognised the importance of Qingdao as a commercial centre on the mainland. We anticipate robust growth for BEA in this region," said BEA's Chairman and Chief Executive, David Li.

Services

The Qingdao Branch provides a full range of foreign currency services, according to a statement issued by the bank.

Services include deposits, loans and advances, bill acceptance and discounts, issuance of L/Cs and bank guarantees, remittance and international settlement, foreign exchange and derivative products.

Further growth

Located at the southern tip of the Shandong peninsula, Qingdao is a regional hub for transportation, industry, foreign trade and tourism.

According to BEA, it has long-term development plans to open new outlets across Shandong province, as the bank's China business continues to expand.

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