Hong Kong-headquartered Bank of East Asia bolsters it China growth efforts by injecting an additional RMB2 billion ($329 million) in capital.

Bank of East Asia, the Hong Kong-based bank owned by the billionaire Li family, has added additional capital into its China business to support the latter's ongoing expansion efforts in the Mainland.

The extra capital of RMB2 billion increases BEA China's registered capital to RMB10 billion, giving it one of the strongest capital bases of any foreign-owned subsidiary bank in China. The amount reaffirms BEA's long-term commitment to Mainland China, which has always been the Group's focus, it said in a statement. Since the firm was established in China in 2007, it has increased its branch network from 28 to 72.

"The additional capital... provides BEA China with more funding to capture business opportunities arising from the further liberalisation of China's financial system," noted Dr David KP Li, chairman and chief executive of BEA and chairman of BEA China. 

Bank of East Asia has been doing business in the Mainland since 1920 through its Shanghai branch but it was only in 2007 that it set up a local subsidiary. BEA China, headquartered in Shanghai, provides a full range of banking and financial services that includes asset and wealth management.