Bank of East Asia : BEA Marks its Inaugural Corporate Term SOFR Deal in Hong Kong

For Immediate Release

BEA Marks its Inaugural Corporate Term SOFR Deal in Hong Kong

Hong Kong 2nd December, 2021 - The Bank of East Asia ("BEA" or the "Bank") today announces that it has conducted its first corporate Term Secured Overnight Financing Rate ("Term SOFR") deal in Hong Kong with VSTECS Holdings Limited ("VSTECS", stock code: 0856), a leading IT product channel development and technical solution integrated service provider in the Asia Pacific region.

The deal, an invoice financing loan in US dollars with an interest rate based on one- month Term SOFR, was arranged by BEA, and drawn by VST Computers (HK) Ltd, a subsidiary of VSTECS Group, for its overseas procurement of electronic components.

BEA's General Manager & Head of Corporate Banking Division Mr Kelvin Au said "This Term SOFR deal demonstrates BEA's aspiration and capability to be a pioneer bank in Hong Kong, supporting global financing solutions and promptly reacting and adapting to various market trends and regulatory changes."

The Bank has been actively monitoring the latest market developments regarding the London Interbank Offered Rate ("LIBOR") transition, and closely working with clients to ensure a smooth transition away from LIBOR usage.

About The Bank of East Asia, Limited

Incorporated in 1918, The Bank of East Asia, Limited ("BEA") is a leading Hong Kong- based financial services group listed on The Stock Exchange of Hong Kong, with total consolidated assets of HK$900.5 billion (US$116.0 billion) as of 30th June, 2021.

BEA provides a comprehensive range of corporate banking, personal banking, wealth management, and investment services to customers through an extensive network of about 150 outlets covering Hong Kong, the rest of Greater China, Southeast Asia, the United Kingdom, and the United States. For more information, please visit www.hkbea.com.

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BEA's General Manager & Head of Corporate Banking Division Mr Kelvin Au (left) and VSTECS Holdings Limited Assistant to CEO Mr Cao Ning (right) are looking forward to further collaboration on corporate lending.

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