The offices, which are located within Manchester’s famous Chinatown district, will also be used as a bank branch and will offer safety deposit box services. The opening of the new base builds on the success of the bank’s London and Birmingham offices.
Plans are in place for a dozen or so people to be employed at the new Manchester office on a full-time basis.
BEA’s London branch general manager Joseph Chow explained in a statement that the bank bought more space than it actually requires in Manchester and intends to offer sub-letting opportunities to businesses offering services complementary to its own.
“We’ve developed a growing customer base in Manchester and have been considering a move into the city for some time,” said Chow. “The opportunity to have a presence in Manchester’s Chinatown is one that is too good to miss.”
Tim Newns, chief executive of the Manchester-based inward investment agency MIDAS, said: “With one of Europe’s largest Chinese communities, and a strong and growing trade relationship between Greater Manchester companies and China, the demand is strong locally for financial services linked directly to key markets.
“We will continue to support their planning and operational activities here in the city and look forward to building deeper relationships with the bank over the coming months.”
The BEA is among the largest banking groups in Hong Kong, a renowned regional and international financial services hub. The business is almost 100 years old and is listed on the Hong Kong Stock Exchange.
Editor’s notes: The bank that was established in 1918, leased space at Charlotte Street in Manchester’s Chinatown which is also the M1 postcode district. The bank continues to rent office space at that address in 2023.
As of December 2022, BEA managed consolidated assets of HK$882.8 billion (US$113.1 billion) in total.
The bank operates one of the largest branch networks in Hong Kong, with 51 branches, 44 SupremeGold Centres, and 3 i-Financial Centres.
Globally, BEA also operates in Greater China and has a presence in other locations in Southeast Asia and the US, as well as the UK and employs over 8,000 people internationally.