As part of its push to capitalize on opportunities from the 11-city cluster, Hong Kong-based Bank of East Asia appoints the head of its Greater Bay Area office.
Christine Lo has been named for the new role, according to a statement from the bank, following her last role as head of retail lending.
In addition to experience in the consumer finance and credit card business, Lo also helped launch the bank’s cross-border mortgage services last year which allows Hong Kong clients to process loans for purchasing real estate anywhere in the Greater Bay Area without ever having to physically enter mainland China.
Bank of East Asia (BEA) joins its rivals to capitalize on opportunities linked to a region that boasts a population of 70 million and a combined economy with a value of $1.7 trillion. The area is also home to one in five of China’s high net worth households with at least 10 million yuan ($1.6 million).
GBA Connectivity
Within Greater Bay Area (GBA), BEA has a relative advantage compared to other newcomers in terms of its existing foothold. A relatively significant branch network aside, BEA also has multiple licenses and capabilities in the region including a 49 percent stake in a securities joint venture in Shenzhen, a fund management subsidiary in the same city and a tech unit in Guangzhou to support back office activities.
«BEA is among the few Hong Kong-based banks that has an extensive network covering all of the '9+2' cities in the GBA,» said BEA co-CEO Adrian Li.
«With our comprehensive business licences, as well as strategic partnerships in consumer banking services, BEA Group is well-positioned to further grow our business in the GBA, and we are confident that the GBA [office] will enable us to further leverage our strength and resources to achieve this goal,» added fellow BEA co-CEO Brian Li.
