Bank of East Asia (BEA) plans to set up its first branch in Hainan province, as officials in China’s largest free-trade hub court foreign investment in the financial sector, reports the South China Morning Post. The Hong Kong-based bank’s foray into Hainan follows HSBC, which opened its first branch in the provincial capital Haikou in December 2021.
The bank’s operations in Hainan are expected to reach at least a few billion yuan in the first few years of operation, Ronald Ho, deputy CEO of Bank of East Asia (China), said in an interview with the Post.
“Some of our clients are very interested in exploring and expanding their operations in Hainan, so we would like to follow and try to serve them,” he said, adding that the province’s favourable policies, which are unique, also attracted the bank.