Bank of East Asia (BEA) opened a branch in Hefei, Anhui province last month, which is its 61st office on the mainland.

BEA, Hong Kong’s fifth largest lender by market value is now looking at cooperating with smaller Chinese banks to widen its deposit base and to fund its growing renminbi business on the mainland.

According to BEA’s chairman and chief executive David Li, they have planed to attract deposits through offering better services, rates and bonus points to people. That is why they have both debit cards and credit cards to widen the cash and fund channels.

BEA is one of the first locally incorporated foreign banks interested in buying into smaller Chinese banks. Other foreign banks that have a big presence on the mainland, including HSBC and Citibank, Read more…

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