The Bank of East Asia, Limited (BEA) and Banco Popular Espanol Group (BPEG) Tuesday jointly announced that they had signed a Business Cooperation Agreement setting out a framework for cooperation between the two banks covering the Chinese mainland. 

This is an important milestone for both banks, as the two banks have a strong mutual interest in exploring the opportunities for developing business in the Chinese mainland, China's Hong Kong and China's Taiwan.

The cooperation framework enables the BPEG to expand its international reach and respond to rising demand from its corporate customers for banking and related services in China.

Through its well-established branch network in the Chinese mainland, BEA offers a comprehensive range of banking services, including company accounts, RMB/USD loan facilities, remittance, trade finance, project finance and consultancy services.

Meanwhile, the BPEG will provide financial services through its network in Spain for BEA customers doing business in Spain and Portugal.

The BPEG is the third largest banking group in Spain, with a nationwide coverage and presence in Spain, France and Portugal. The group has a broad network of over 2,200 branches. The BPEG now has a customer base of 4.9 million, including over 371,000 cooperators.

Established in 1918, BEA is the largest independent local bank in Hong Kong with total assets of US$24.3 billion as of June 30, 2003. BEA now operates over 100 branches and SupremeGold Centers in Hong Kong and eight branches in the Chinese mainland, and maintains a strong presence in the United States, Canada, Britain and South East Asian countries. 

With the signing of this cooperation agreement, BEA and the BPEG look forward to exploring additional areas of cooperation that will be mutual interest and benefit to both banks.

(Xinhua News Agency December 31, 2003)