The Bank of East Asia (BEA) welcomes the upcoming launch of the Wealth Management Connect scheme (WMC) in the Greater Bay Area (GBA), and plans to leverage its established cross-boundary network to provide tailored financial solutions to customers in the region.
Harnessing the GBA’s favourable policies, the Bank has stepped up its development in the region by pioneering the offering of GBA mortgage and facilitating cross-boundary remittance services. With the launch of the WMC, the Bank will further provide northbound customers access to high-yield RMB assets on the Mainland, and give southbound customers access to offshore investments, enabling them to diversify their portfolios.
To strengthen its retail wealth management team, BEA plans to hire 300 sales staff across the GBA in the coming three years. BEA has been in both Hong Kong and Mainland China for over a century and has well-established strategic business partnerships.
Along with banking operations, the Group boasts licences and capabilities in securities through its 49%-owned joint venture East Asia Qianhai Securities Company Limited, and fund and asset management through its subsidiary BEA Union Investment (Shenzhen) Limited. Moreover, BEA’s information services unit, East Asia Digital Information Services (Guangdong) Limited, established in 2002, provides back-office support to cater for the growth needs of the Bank’s Hong Kong and Mainland China operations.
Going forward, the Bank will further enhance the synergies between these units, strengthen its franchise in the GBA and capture business opportunities in this dynamic region as the relevant government policies are announced and implemented.