Hong Kong's Bank of East Asia expands its coverage further with a new full-service branch and a new wealth insurance product.

The Bank of East Asia, the Hong Kong financial services firm, has launched a new wealth insurance product that is denominated in the local currency.

The WealthBuilder RMB Insurance Plan is an RMB-denominated endowment plan that offers 5-year life protection and a short premium payment period of only two years. Clients will be given guaranteed annual returns of 2.4 per cent upon maturity, with a life protection guarantee of up to 105 per cent of the total premium paid. In a statement, the firm said that the new plan is a good way for customers to benefit from potential RMB appreciation while achieving their financial goals. 

The announcement came on the heels of the opening of BEA's new branch in the Tsuen Wan Fou Centre, located at the heart of the Tsuen Wan district in Hong Kong. The new centre includes the branch itself, a SupremeGold centre for wealth management clients, an i-Financial centre and a BEA Securities Services centre. 

Bank of East Asia operates one of the largest networks of banks in Hong Kong, including 89 branches, 63 SupremeGold centres, 9 i-Financial centres and over 250 ATM machines throughout the city. It has total consolidated assets of HK$754 billion ($97.2 billion) as at 31 December 2013.