Exclusive | BEA’s new US$209 million southern China headquarters in Qianhai to serve as gateway to Greater Bay Area expansion, co-CEO Adrian Li says
- Some 500 employees will move into BEA’s new headquarters when it opens next year
- The bank, set up in 1918, has expanded its mainland branch network from 11 in 1997 to 70 currently
Li disclosed the bank’s plan for Greater Bay Area in an interview with the South China Morning Post ahead of the 25th anniversary of Hong Kong’s handover on July 1.
Since the handover, BEA has expanded its mainland branch network from 11 to 70 at present, underscoring the Chinese market’s importance for the Hong Kong- based lender where it competes with over 160 banks including some of the world’s major banks.
BEA has over 1.3 million customers in Hong Kong and another 600,000 in the Greater Bay Area.
“The mainland business is important to BEA,” said Everbright Securities International strategist Kenny Ng, pointing out that operating income from the mainland business accounted for 29 per cent of the group’s total revenues and 35 per cent of its net interest income.