Bank of East Asia

Founded in 1918, Bank of East Asia is the largest independent local bank and third largest bank in Hong Kong. It was co-founded in 1918 by Li Koon-chun, grandfather of David Li Kwok-po, who has been its chief executive since 1981.

Political reform secondary issue on Hong Kong's rating, Fitch says

Bank of East Asia had the highest exposure of any bank to mainland China's commercial property sector, at 30 per cent of total lending, at the end of last year. Photo: Robert Ng

This week's vote on the government's political reform package is a secondary consideration when it comes to Hong Kong's rating, Fitch Ratings said on Wednesday, with the city's exposure to mainland China the primary constraint holding it back from an AAA rating.

Thursday, 18 June, 2015, 12:07pm

Bank of East Asia under fire over Sumitomo Mitsui share placement

BEA's placement was said to be unfair to minority shareholders. Photo: Robert Ng

BEA under fire over Sumitomo share placement

6 Jun 2015 - 11:34am

Bank of East Asia raises HK$6.57 billion in share placement to Sumitomo Mitsui

The tie-up between BEA and Sumitomo Mitsui was first announced in September. Photo: Bloomberg

Bank of East Asia has raised HK$6.57 billion through a share placement to a cornerstone shareholder, Japan’s Sumitomo Mitsui Banking, in a move that strengthens its core capital but also dilutes existing shareholdings.

17 Apr 2015 - 3:59pm

Bad loans in China see BEA net profit grow just 0.7pc

Deputy chief executive Brian Li said the bulk of impairments were concentrated on the mainland. Photo: May Tse

Bank of East Asia profit growth nearly ground to a halt  last year, with bad debts on the mainland  the primary damper.

The bank, Hong Kong’s largest locally owned lender, brought in HK$6.66 billion in profits, a 0.7 per cent increase on 2013 that analysts called “disappointing”, even given the mainland’s slowing economy. Profits grew by more than 9 per cent just a year earlier.

17 Apr 2015 - 3:59pm

BEA gains 3pc on plan to sell shares to Sumitomo Mitsui

Bank of East Asia has entered into a non-binding memorandum of understanding with Japan's Sumitomo Mitsui. Photo: Bloomberg

Bank of East Asia shares advanced more than 3 per cent in morning trading yesterday after the lender said late on Friday that it planned to sell 222 million shares to Japan's Sumitomo Mitsui Banking Corp.

9 Sep 2014 - 4:25am

BEA beats rivals with impressive financial results

Despite concerns about capital adequacy at BEA, the numbers for last year showed gradual improvement. Photo: Bloomberg

Bank of East Asia appears to have emerged as the winner in the latest round of results announcements among leading listed banks in Hong Kong, as a clean balance sheet and sound growth momentum impressed investors more than international peers HSBC and Standard Chartered.

10 Mar 2014 - 6:26pm

BEA profit grows 9.2pc to record HK$6.6b

David Li (third from right) and Brian Li (second from right) attend BEA's post-results press conference with other company executives yesterday. Photo: David Wong

Bank of East Asia has posted a record net profit for a fourth year - rising 9.2 per cent to HK$6.6 billion - thanks to higher interest income and an improvement in bad loans in the second half of last year, beating analysts' expectations of a slight fall.

19 Feb 2014 - 3:42am

BEA's China unit likely to stand out as growth driver

The stock price of BEA has fallen 6.1 per cent in the last six months.

Bank of East Asia, the largest family-controlled bank in the city, kicks off earnings season for Hong Kong banks tomorrow, with exposure to the mainland and worsening credit quality from an economic slowdown in the country among key considerations for the sector.

17 Feb 2014 - 5:31am

Regulation delay puts foreign banks in a spot in Shanghai free-trade zone

More than 1,400 companies have registered to set up in Shanghai's free-trade zone but only 38 of them are from overseas. Photo: Reuters

Foreign banks lobbied to set up in the mainland's first free-trade zone in Shanghai are grappling with a dilemma - what can they really do in the ambitious zone?

15 Jan 2014 - 5:39am 1 comment

HSBC and BEA approved to operate in Shanghai free-trade zone

HSBC has won approval to set up a sub-branch in the Shanghai free-trade zone. Photo: Bloomberg

HSBC and Bank of East Asia have won approval to set up a presence in the Shanghai free-trade zone, putting them among the first foreign banks there following similar approval granted to DBS and Citigroup last month.

13 Oct 2013 - 5:40am

Bank of East Asia interim profit up 13pc on interest, property values

Chairman David Li says BEA will continue to expand in Hong Kong and the mainland. Photo: Edward Wong

Bank of East Asia's first-half earnings beat market expectations, but concerns remain about its exposure to the mainland amid the economic slowdown there. Bank of East Asia's first-half earnings beat market expectations, but concerns remain about its exposure to the mainland amid the economic slowdown there.

2 Aug 2013 - 5:07am

Bank of East Asia profit expected to drop 13pc in first half

Bank of East Asia is expected to report a 13 per cent decline in first-half net profit due to one-off gains and exposure to bad loans on the mainland. Photo: Bloomberg

Bank earnings season begins tomorrow with Bank of East Asia expected to report a 13 per cent decline in first-half net profit because of one-off gains last year and increased exposure to bad loans on the mainland.

31 Jul 2013 - 4:50am

Hong Kong's family-owned banks struggle with succession as top executives age

Regulation makes succession planning difficult. Photos: Bloomberg

Succession plans at family-owned banks in the city remain uncertain with top executives at Bank of East Asia and Wing Hang Bank already older than 65 years of age.

27 Jul 2013 - 5:11am

How banks fare on investment advice

Financial advice given at Bank of East Asia came up short of the mark, according to former Independent Financial Advisers Association chairman Glenn Turner. Photo: Bloomberg

Hongkongers buy most of their investments through banks. They count on bank staff to recommend good instruments that suit their investment needs, income and risk appetite - rather than products that just help the adviser hit his sales quota.

17 Jun 2013 - 5:17am 1 comment

Rafael Hui paying back debt in batches, BEA chief says

A High Court writ filed by BEA requests that former chief secretary Rafael Hui repay overdraft and credit card loans. Photo: Edward Wong

At the bank's annual general meeting yesterday, the shareholder, who did not disclose her name, asked Li the exact amount of the loans and the reason for lending the money to Hui, who earned several million Hong Kong dollars a year. Media reports last year said the loans amounted to HK$60 million and were unsecured.

1 May 2013 - 3:46am 1 comment