Bank of East Asia closes RP office

The Bank of East Asia has shut down its representative office in the Philippines following the decision of its board of directors to streamline its regional network and concentrate its operations in Hong Kong.

The bank has published notices that effective April 11, 2003, its representative office would be closed permanently as it filed the necessary documents with the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).

According to BEA, it has filed a petition with the SEC for the withdrawal of registration, cancellation of license and cessation of operations of its representative office in the Philippines.

BEA said it has also closed down its representative office in Ho Chi Mihn City in Vietnam.

The bank said the move was part of its "international business strategy" where its operations will be concentrated in Hong Kong.

BEA has its offices at the LKG Tower along Ayala Avenue.

BEA was first incorporated in Hong Kong in 1918, providing business and personal banking services in the Mainland as well as overseas. It is considered the largest independent bank in Hong Kong with total assets of HK$185 billion (US$23.7 billion) as of Dec. 31, 2002. BEA is listed on the Stock Exchange of Hong Kong and is one of the constituent stocks of the Hang Seng Index.

In 1995, BEA acquired United Chinese Bank, followed by the acquisition of the First Pacific Bank in 2002.

At present, BEA operates a total of 105 branches in Hong Kong providing wholesale and retail banking services through its corporate banking, personal banking, investment banking and China services units. – Des Ferriols