The Bank of East Asia (BEA) and CIBC today jointly announced the signing of a “business cooperation agreement” providing CIBC’s commercial clients with access to key financial services in Greater China offered by BEA.

This agreement directly supports CIBC’s Canadian clients with access to China-based corporate deposit accounts in both local and foreign currencies as well as trade finance facilities.

With the robust growth of China’s economy in recent years, BEA says it anticipates an increase in foreign investors from Canada, who will rely on the bank’s corporate banking services in China.

BEA’s Chairman and Chief Executive, Dr. David K.P. Li, said: “BEA has focused its efforts on establishing business ties with strategic banking partners around the world. Our new agreement with CIBC is of great importance, given the number of investors in Canada who are keenly interested in exploring business opportunities on the Mainland.”

“Many of our clients have, or are in the process of establishing, a presence in mainland China,’ said John Hunkin, CEO of CIBC. “This agreement with BEA will better enable us to assist our clients in identifying and leveraging opportunities in China and it furthers our objectives of providing our clients with access to a wide range of financial services and products to help them meet their unique business goals.”

Access to BEA’s China services will be available to CIBC Commercial Banking clients through their relationship nanagers in Canada.

With the signing of this agreement, BEA and CIBC plan to explore additional areas of cooperation of mutual interest and benefit to both banks.

BEA now operates over 110 branches and SupremeGold Centres in Hong Kong, 22 outlets in Greater China, and maintains a strong presence in the United States, Canada, the United Kingdom, the British Virgin Islands, and Southeast Asia.