HK lender plans to expand

SHANGHAI: Bank of East Asia, Hong Kong's third biggest lender, this year plans to add about 20 outlets and at least 1,200 staff on the mainland, where the bank derived almost a quarter of its profit last year.

With a network of 53 outlets, second largest among overseas banks after HSBC, with 66, the bank will expand its presence beyond the mainland's prosperous areas to central, western and northeastern parts, Chan Kay-Cheung, vice-chairman of mainland operations, said in a press conference in Shanghai.

New branches will be set up this year in Tianjin, Urumqi and Hefei, he said. The bank will also devote much of its efforts to personal banking and wealth management services.