CaixaBank, Spain's leading bank by market share, and The Bank of East Asia (China) have co-organised the "BEA-CaixaBank Your Gateway to China" conference in Shanghai to reinforce their services leadership in the area and advise companies on their projects in China. The conference is designed to leverage synergies and tap both CaixaBank's and BEA China's experience in business banking in Mainland China, Hong Kong and Singapore.
This synergies will imply, for instance, detailed checklists that will be given to customers setting out the documentation required to open an account, which will be managed at BEA and CaixaBank through specialists appointed expressly by each. This agility will be evident in credit transactions, which will be processed more quickly thanks to the exchange of information between BEA China and CaixaBank on shared customers (subject to prior authorisation). The two banks will also assess risk operations jointly.
To support their customers' internationalisation, CaixaBank and BEA China will each recommend the services of the other to their customers. CaixaBank will refer customers with operations in China to BEA, while BEA will recommend CaixaBank's services to its customers with interests in Spain. The institutions have been in a strategic alliance for years, allowing them to offer superior quality foreign trade and cross-border business services.
CaixaBank in Asia
CaixaBank has been in a strategic alliance with the Asian bank since 2009. It cooperates with BEA in auto finance through a joint venture between CaixaBank Consumer Finance, Credit Gain a BEA subsidiary- and Brilliance, a Chinese automaker.
Thanks to its alliance with BEA China, CaixaBank has been offering payments in local currency in China (RMB) to its customers through the new CIPS (China International Payment System) since January this year. Through their agreement, CaixaBank is an indirect member via BEA China- of CIPS, an electronic clearing house that facilitates the global use of the renminbi (RMB), China's local currency. BEA China is among the first batch of foreign banks to have been qualified as a direct participating bank of CIPS in China.
CaixaBank operates internationally through representative offices, international branches and stakes in banks with which it enters into strategic business collaboration agreements for the benefit of its customers.
CaixaBank has two representative offices in China, one in Beijing and one in Shanghai, with a third set to open shortly in Hong Kong, offering advisory services to European multinationals based in Spain, Spanish companies with interests in China and Asian companies that export to, import from or invest in Spain.
