Authorities in Shanghai have granted The Bank of East Asia (China) permission to open a sub-branch in the port city’s free trade zone, becoming one of the first such banks to get such status.

Authorities in Shanghai have
granted The Bank of East Asia (China)
permission to open a sub-branch in the port city’s free trade zone, becoming
one of the first such banks to get such status, the bank’s parent firm has
announced.

Opened in late September this year, the Shanghai Free Trade
Zone is part of the Chinese government’s plans for financial reform.

Located in the Waigaoqiao Free Trade Zone, the new
sub-branch will provide extensive renminbi and foreign currency banking
services to the enterprises and individuals in the zone.

“The establishment of a pilot free trade zone in Shanghai
marks a significant new step in China’s ongoing financial reform,” David Li,
chairman and chief executive of BEA and BEA China, said in a statement. He
added that the bank aims to be open in the first quarter of 2014.