Hong Kong-based Bank of East Asia said on July 30 that its fully owned subsidiary Bank of East Asia (China) Ltd has opened a new "cross-location" sub-branch in Zhanjiang, Guangdong province.

The new outlet provides comprehensive renminbi and foreign currency banking services.

It marks an important addition to the bank's branch network in southern China, since the city of Zhanjiang, located in the southwestern part of Guangdong province, is a major port and trade center in southern China.

The city has a diversified industrial base, with the local government planning to accelerate the upgrade of the city's industrial structure and its development into a modern port city, the bank said in a statement.

The bank's Zhanjiang sub-branch is also the eighth "cross-location" sub-branch established by BEA China in Guangdong under the liberalization measures of the Supplement VI to the Mainland and Hong Kong Closer Economic Partnership Arrangement.

BEA China operates 31 outlets in Guangdong.

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