Hong Kong-based Bank of East Asia Ltd (BEA, 東亞銀行) yesterday celebrated the opening of its new subsidiary in Taiwan and said it intended to list on the Shanghai Stock Exchange next year.
Earlier this year, the Hong Kong lender struck a deal with the cash-strapped American International Group Inc to acquire its wealth management unit here, AIG Wealth Management Services (Taiwan) Ltd (友邦證券), and renamed it BEA Wealth Management Services Taiwan Ltd (東亞證券).
Brian Li (李民彬), deputy chief executive of BEA Wealth Management, said that his company aims to tap into the nation’s affluent investors and has long recognized the potential of local and cross-strait investment.
“With the launch of BEA Wealth Management, we have the infrastructure to bring these opportunities to all the markets we serve,” Li said in Taipei, adding that the company had already established a presence in Taiwan.
Meanwhile, the Hong Kong-listed lender has been studying a potential China listing, following in HSBC Holdings Plc’s footstep.
“BEA plans to trade its shares on the Shanghai Stock Exchange in the second half of next year,” Li said.
The company is in talks with the Chinese authorities on listing requirements, he said.
BEA Wealth Management sells funds, structured debts, exchange-traded funds, US and HK shares as well as life and property insurance policies.
The company will work closely with BEA Union Investment Management in Hong Kong to develop new offshore investment funds suitable for the local market, Li said.
Hsu Hsiu-ling (徐秀玲), special assistant to the chairman, said the company would pursue high net-worth customers looking to invest more than NT$1 million (US$30,000).
Hsu, who joined the company late last month, said she and colleagues plan to complete back-office remodeling and fill the ranks of its research team by the end of this year.
“The company favors senior, experienced staffers,” Hsu said, adding that the service team should be in place sometime next year.
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