Bank of East Asia (BEA), Hong Kong's fifth-largest lender, aims to beat rivals HSBC and Hang Seng Bank to become the first foreign bank to list on China's booming domestic stock markets, the Financial Times reported. Chan Kay-cheung, deputy chief executive, said on Thursday the bank was in the process of registering as a local bank in China, which is expected to be completed in the second quarter. Its next plan is to gain a local listing. "We expect to be the first foreign bank to list in China, but there is no timetable yet. We still need to talk to the Chinese regulators about that," Chan said. Foreign companies are banned from selling shares in China. But BEA, HSBC and Hang Seng Bank have said they want to list on the mainland once the regulatory structure is in place to raise renminbi-denominated capital for future expansions.
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