OREANDA-NEWS. January 14, 2014. The Bank of East Asia (“BEA”) announces that its wholly-owned subsidiary, The Bank of East Asia (China) Limited (“BEA China”), has received approval from the Shanghai Office of the China Banking Regulatory Commission to open a sub - branch in the China (Shanghai) Pilot Free Trade Zone (“Shanghai Free Trade Zone”). BEA China is among the first foreign banks in Mainland China to have obtained such approval.

Dr. David K.P. Li, Chairman & Chief Executive of BEA and Chairman of BEA China, says, “The establishment of a pilot free trade zone in Shanghai marks a significant new step in China’s ongoing financial reform. BEA China is proud to play its part in this process through the opening of a new sub - branch in the free trade zone. We aim to open the sub - branch in the first quarter of 2014.”

Opened in late September this year, the Shanghai Free Trade Zone is part of the Central Government’s plans for financial reform. It is expected to play a large role in China’s global integration, and is poised to become a financial hub for the enterprises that set up there.

Located in the Waigaoqiao Free Trade Zone, the new sub-branch will provide extensive Renminbi and foreign currency banking services to the enterprises and individuals in the Shanghai Free Trade Zone.