Date
18 October 2017

BEA cleared to inject 2 bln yuan into mainland unit, paper says

Hong Kong’s Bank of East Asia (BEA) has received regulatory approval for a capital injection into its mainland China subsidiary, Shanghai Daily reported Friday. BEA China will get 2 billion yuan (US$328 million) for business expansion following approval by the China Banking Regulatory Commission, the lender was quoted as saying in a statement Thursday. The move will boost the unit’s registered capital to 10 billion yuan from 8 billion yuan. BEA China said the capital injection reflects the group’s aim to expand its mainland business further.

– Contact HKEJ at digest@ejinsight.com

RA/RC

 

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