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The Bank of East Asia – Meeting the Investment Needs of Mainland China's Wealthy
AS A LEADING financial services provider in Hong Kong, Bank of East Asia (BEA) has established a significant presence in the Greater China Region, offering cross-border wealth management and banking solutions for its clients.
BEA's suite of banking services includes corporate and commercial lending, trust and other wealth management services. This comprehensive suite of solutions allows the bank to cater to its clients' personal and business needs under one roof. In Mainland China, BEA operates one of the most extensive networks of any foreign bank, with outlets in 44 cities across the country. "Our strong presence in China enables us to establish relationships with high net worth individuals, many of whom are entrepreneurs," said Jessica Ng, BEA Head of Private Banking.
Among other initiatives, BEA Private Banking is working to meet the demand among its Mainland Chinese customers for outbound investments and offshore asset allocation. For instance, the bank has taken a number of measures to cater for the growing demand for wealth management services in the Guangdong – Hong Kong – Macau Great Bay Area (GBA).
These include allocating additional relationship managers and service ambassadors to serve clients in the GBA's key cities, as well as hosting symposiums in the areas of global financial markets and practices for clients in the region. Selected clients are also invited to Hong Kong to gain a better understanding of the latest financial instruments and offshore financing alternatives.
BEA's Private Bank also leverages technology to stand out in a competitive market. For instance, BEA launched i-Portfolio Analyzer in 2017, an iPad app that allows its relationship managers to access and display the latest account information on an iPad during client meetings. Said Ms Ng: "Whether at the bank or a remote location, private banking clients can now quickly view their portfolios. This greatly facilitates our cross-border practice."