Hong Kong's family-owned Bank of East Asia has opened a new tower in Shenzhen as part of its strategic push into southern China's Greater Bay Area.
Bank of East Asia (BEA) has officially opened its 18-story tower in Shenzhen’s Qianhai special economic zone, according to an «SCMP» report. This launch is part of a broader strategic push into the Greater Bay Area – an 11-city cluster in southern China.
The tower will serve as BEA’s southern China headquarters, alongside its mainland headquarters in Shanghai. It will house the bank’s Qianhai branch, a fintech innovation center and a data lab, with around 500 employees working in the building.
Policy Support
There is increasing policy support for Greater Bay Area ambitions to connect Hong Kong and 10 other cities with a total population of over 85 million. Last February, a series of measures were introduced to connect Qianhai with Hong Kong’s capital market and government officials expressed optimism about wealth management, fintech and green finance.
BEA invested 1.4 billion yuan ($196 million) to develop the new grade A building which has a gross floor area of 460,000 square feet.
Founded in 1918, BEA is a family-owned bank based in Hong Kong with offices in Singapore, Malaysia, the US and UK. Within mainland China, it has 63 outlets across 38 cities, including 20 in the Greater Bay Area.
