Bank of East Asia is joining forces with Shenzhen Qianhai Financial Holdings to set up a fully-licensed securities company in China, mirroring last month's move by HSBC with the same partner.
BEA and Qianhai Financial Holdings, the financial arm of the local government, said on Monday that they have entered into an agreement to establish a joint venture in the Qianhai economic zone of Shenzhen in China’s southern Guangdong province.
It is the second such deal under the aegis of a long-running but recently-revised free trade agreement between Hong Kong and mainland China - the Closer Economic Partnership Arrangement CEPA.
BEA will...
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