BEA opens FTZ branch

The Bank of East Asia (BEA) opened its branch in the China (Shanghai) Pilot Free Trade Zone (FTZ) Tuesday, the Xinhua News Agency reported, saying it is the first overseas bank to open in the FTZ since the zone was established in September 2013.

Kwan Tat Cheong, chief executive of BEA's China unit, said the bank will grasp the opportunities brought by the financial reform and attract more customers.

The FTZ branch will provide renminbi and foreign currency services.