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SINGAPORE: Bank of East Asia (BEA) plans to grow its presence in the wealth management space in Singapore.
The largest independent local bank in Hong Kong revealed this on Monday as it marked the official opening of its regional headquarters here.
The new headquarters, located in the heart of the central business district, was opened by Hong Kong's Chief Executive Donald Tsang.
The 15-storey building will house Bank of East Asia's first SupremeGold Centre in Singapore to serve its local VIP clients.
BEA said the new HQ also reflects the bank's commitment to the Singapore and regional markets.
Brian Li, deputy chief executive, Bank of East Asia, said: "In the future, we will use Singapore as our base for our business development in Southeast Asia, and we look forward that we will be able to serve our customers better, and also to complement our Greater China network.
"In the new building, we will also have our SupremeGold Centre and we hope we will use that to provide our high net worth customers with wealth management services."
BEA said its new regional headquarters will offer customers better connection to the Greater China region.
The lender currently operates 90 branches in Hong Kong, while its subsidiary Bank of East Asia (China) operates one of the most extensive branch networks on the Chinese mainland.
Channel NewsAsia understands that BEA currently has 170 local staff at its Singapore branch, but going forward, it intends to scale this up incrementally.
- CNA/sc
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