Bank of China rolls out the red carpet to serve cross border needs of premium customers

Hongkongers and mainlanders in nine Guangdong cities can enjoy priority cross border banking services under recent initiatives by the city’s second largest bank, which aims to grow its cross-border revenues in the Greater Bay Area by 40 to 50 per cent annually.

“It is very clear that the Greater Bay Area will exceed our overall cross-border business growth due to greater economic integration,” Sun Dawei, the bank’s general manager of personal banking and wealth management department told reporters on Friday.

The bank’s overall cross-border services revenue has grown 30 per cent in the first 10 months from the same period last year, he said, while that from customers in the Greater Bay Area contributed 30 to 40 per cent of the total.

While the bank, known as BOCHK, is striving to reach 40 to 50 per cent revenue growth target in the area, it will depend on customers’ asset allocation decisions, which are affected by factors such as the value of the yuan against the Hong Kong dollar and stock market conditions, he said.

Through better transportation links and economic integration, Beijing hopes the Greater Bay Area to one day catch up to other bay areas in Los Angeles, New York and Tokyo in terms of economic clout.