BEA BECOMES THE FIRST QDII FOREIGN BANK

Info-Prod Research (Middle East), August, 2006

According to fdi.gov.cn: From obtaining business license to obtaining the credit line for foreign exchange purchase, and further to launching related products, commercial banks are gradually realizing their intentions of offering overseas finance services for their domestic customers. After Bank of China and ICBC launched their QDII products, Bank of East Asia (BEA) is also poised to follow suit in August, the first foreign bank to do so in China.

BEA Executive Director and Vice President said during an interview on July 31 that, as the only foreign bank to have obtained the foreign exchange credit line, the bank had already applied with the China Banking Regulatory Commission for launching its QDII products.