(China) – Leading independent Hong Kong bank, the Bank of East Asia, has opened a Beijing branch and heralded a major new push into China.The bank already has 16 branches in mainland China, and its business there accounts for more than 12 percent of its before tax profits.
The Beijing branch will serve as its mainland flagship, and the bank expects it to turn a profit after three years.
BEA has already invested HK$600 million in upgrading its mainland branches.