Bank of East Asia expected to open branch in Xi¡Šan

It was reported by Apple Daily that Bank of East Asia became the first foreign bank approved to open branch in Xi¡Šan. In order to encourage foreign organizations to develop the Northwest area, China will approve to grant some tax preference to the branch of Bank of East Asia over its local proceeds. The branch of Bank of East Asia will be open at the beginning of next month. It is said that the branch was expected to gain profit in the first year. Moreover, the agency of Bank of East Asia in Beijing might also be upgraded to branch in Q4 or before this time.

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