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HK: Bank of East Asian builds Tricor in business, corporate and investor services

General Press Releases วันพุธที่ ๘ มกราคม พ.ศ. ๒๕๔๖ ๑๓:๔๙ น.
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The Bank of East Asia, Limited (the "BEA Group") today announced a major step in its continuing strategy to diversify into non-interest income businesses. The share registration, corporate secretarial and business support service providers that BEA Group and its partners acquired from major international accountancy firms over the past two years will in future operate under Tricor Holdings Limited ("Tricor"). All operations will be relocated to a centralised head office.

The companies to be consolidated under the Tricor name comprise Abacus Share Registrars Ltd, Friendly Registrars Ltd, Progressive Registration Ltd, Secretaries Ltd, Standard Registrars Ltd and Tengis Ltd. From 10 January 2003, Tricor will relocate all operations in phases to a new purpose-built headquarters at BEA Harbour View Centre in Wanchai. The relocation will be completed by 17 February 2003.

The combined Tricor team now stands at over 350, of which over 70 per cent hold professional qualifications. The team will occupy a total of over 42,000 square feet of office space across six levels at the Tricor headquarters. A state-of-the-art customer service facility for Share Registration Public Offices is situated at the ground floor of the building.

Tricor now becomes the largest provider of business, corporate and investor services in Hong Kong. Its consolidated client base includes over 65 per cent of the companies listed on the Stock Exchange of Hong Kong ("SEHK"), many of the multinationals operating in Asia as well as a significant number of private Asian, European and American enterprises operating in Greater China.

The BEA Group initiated the strategy to build a significant corporate service business in September 2000. Dr. David K. P. Li, Chairman of the BEA Group and Chairman of Tricor, said: "We are determined to strengthen our non-interest income businesses. We see strong growth potential in the professional services industry, and believe full advantage can be taken of the synergy with our banking business.

"The changes in market regulations for accountancy firms provided a unique window for acquisition opportunities," Dr. Li continued: "We are delighted with the quality and experience of the professionals and staff who are joining Tricor. Clients will continue to be served by the same professional team with extensive knowledge and experience across different jurisdictions.

"With the increased focus on corporate governance and compliance, together with the market trend to outsource non-core operations to specialists, we believe that Tricor is well placed for sound growth. Tricor's expertise will help companies operating in Hong Kong and Greater China retain a high level of governance and compliance. This in turn will reinforce Hong Kong's position as Asia's business and financial hub," Dr. Li concluded.

Tricor assists customers manage corporate governance and compliance. Clients may rely on Tricor's professional expertise for the creation and management of their corporate and trust structures, and the administration of time-sensitive, detailed and confidential transactions including accounting, payroll and employee benefits.

Tricor also supports corporate clients with their initial public offerings on the SEHK, and subsequently with the maintenance of their shareholder registers and coordination of investor communications. In addition, Tricor's business support outsourcing services enable companies to operate their offices more efficiently and effectively when commencing and conducting operations in Hong Kong and Greater China.

Currently, Tricor's shareholders include the BEA Group (71.3 per cent), Deloitte Touche Tohmatsu (5.7 per cent) and the New World Group (23 per cent).
--www.theasianbanker.com (January 8, 2003)--

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