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BEA China signs strategic agreement with WeBank

BEA China signs strategic agreement with WeBank

(20 April 2015 – Hong Kong)  The Bank of East Asia (BEA) announced on 16 April that its wholly-owned subsidiary, BEA China has entered into a strategic co-operation agreement with WeBank Co Ltd.

WeBank is a privately-owned bank in Qianhai, Shenzhen established by its founding shareholders including Tencent, Baiyeyuan Investment and Liye Group.

In accordance with the Strategic Agreement, BEA China and WeBank agree to fully explore their respective competitive advantages for mutually beneficial business development.

The areas of co-operation include but are not limited to: customer referrals, credit card, micro and personal loans, wealth management, interbank lending, and internet finance.

Brian Li Man-bun, executive director & deputy chief executive of BEA, and director of BEA China said: “We are delighted to announce our important partnership with WeBank.

“Through WeBank’s big data analysis capabilities, BEA China will be able to reach out to its target customers effectively.

“WeBank also offers a large scale, low cost business platform. We look forward to working closely with WeBank, and firmly believe that the cooperation will be mutually beneficial.”

The Strategic Agreement sets out a framework through which both parties may separately agree and enter into contracts for subsequent business co-operation, if any.

Any such co-operation will be subject to all necessary regulatory approval.

WeBank, one of the first private commercial banks in mainland China and also the first officially launched online bank, was established in 2014.

Tencent owns 30 percent of WeBank’s total share capital, while Baiyeyuan Investment and Liye Group each owns 20 percent of WeBank’s total share capital.

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