The Bank of East Asia –
First foreign bank in China sanctioned to offer Internet banking business

Hong Kong, 27 August 2002 – The Bank of East Asia (BEA) today announced that it has obtained official approval to offer its Cyberbanking service to customers in Mainland China. BEA is the first foreign bank ever sanctioned to offer Internet banking business in China.

The website of BEA’s Cyberbanking service is http://www.hkbea-cyberbanking.com.cn. According to the approval of the People’s Bank of China, all of BEA’s seven branches and one sub-branch in China are sanctioned to provide Cyberbanking service. The business scope and target customers for Cyberbanking service are limited to those prescribed in the business licences of respective branches and sub-branch.

BEA announced earlier that all of its seven branches and one sub-branch in China are accredited to provide full foreign currency services to all types of customers, including local enterprises and residents. BEA’s Shanghai, Shenzhen and Dalian Branches are allowed to offer Renminbi services as well. BEA is now the only Hong Kong local bank in China having three Renminbi business licences.

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