Banks form alliance

Leverging its extensive mainland network, Hong Kong-based Bank of East Asia formed a partnership with France-based Credit Industriel et Commercial (CIC) to expand its European business operations. It was the third such deal the bank has formed with European banks recently. It has alliances with Spain-based Banco Popular Espa�ol and Italy-based UniCredito Italiano. Bank of East Asia has 19 branches on the mainland, giving its European partners access to one of the most extensive China networks held by a foreign bank.