The banks have entered a co-operation pact to explore developing business lines including wealth management.

The Bank of East Asia has announced that its wholly-owned subsidiary, The Bank of East Asia (China) Limited, has entered into a strategic co-operation agreement with the privately-owned Chinese bank, WeBank Co, to explore working together on areas including wealth management

WeBank is the institution recently created by founding shareholders including Tencent Baiyeyuan Investment and Liye Group.

BEA China and WeBank will “fully explore their respective competitive advantages for mutually beneficial business development”, a statement from BEA China said. Such areas include, but are not limited to customer referrals, credit card, micro and personal loans, wealth management, inter-bank lending, and internet finance.

Any such co-operation will be subject to all necessary regulatory approval.

BEA has maintained an operational presence in Mainland China since the opening of its Shanghai Branch in 1920. In April 2007, BEA established The Bank of East Asia (China).