4 foreign banks approved by China Banking Regulatory Commission (CBRC) to establish a locally incorporated bank, the Bank of East Asia (China) Ltd (BEA China). On 20 May 2008, BEA became a foreign bank that issued yuan-denominated debit cards in mainland China, taking advantage of the recent removal of a key restriction on foreign banks' retail business in the country. The bank issued the debit cards jointly with China UnionPay, the country's only bankcard network operator. The company claimed that the launch of debit cards would help attract retail banking customers by giving them greater convenience in accessing their deposits. In addition, it offers direct Alipay payment support and issues credit cards (RMB-denominated UnionPay credit cards in 2008, and more recently Visa-branded US dollar-denominated cards in April 2011). BEA currently operate one of the most extensive networks in mainland China for a foreign bank. Overseas operations BEA operates overseas in several locations serving expatriate Hong Kong residents. BEA operates overseas branches in the following countries and markets: Macau Malaysia Singapore Taiwan United States United Kingdom Former overseas branches: Canada (1991–2010): Retains 20% stake; sold 70% to Industrial and Commercial Bank of China in 2010 and all branches were renamed ICBC Canada in July 2010; a further 10% was sold to ICBC in 2011. Major shareholders Major shareholders in BEA as of the 2021 annual report: Leadership Current Leadership Executive Chairman: Sir David Li (since April 1997) Chief Executive: Adrian Li and Brian Li (since July 2019) List of former chairmen Pong Wai-ting (1919–1925); co-founder Sir Shouson Chow (1925–1959); co-founder Kan Tong-po (1959–1963); co-founder Sir Kan Yuet-keung (1964–1984); son of Kan Tong-po Li Fook-wo (1984–1997); son of co-founder Li Tse-fong List of former chief executive officers The position of Chief Executive Officer was known as Chief Manager prior to 1986 Kan Tong-po (1919–1963); co-founder Sir Kenneth Fung (1963–1970); co-founder Kan Yuet-hing (1970–1972); son of Kan Tong-po Li Fook-wo (1972–1977); son of co-founder Li Tse-fong Michael Kan (1977–1981); son of Kan Tong-po Sir David Li (1981–2019); grandson of co-founder Li Koon-chun Disputes and incidents Elliott Management Hedge fund activist investor Elliott Management filed a lawsuit against BEA in July 2016 in Hong Kong court over a share placement transaction. Elliott Management, which held 7% of listed shares of BEA, had included majority of the bank's directors, its CEO and chairman in the lawsuit. The transaction in question was on BEA's issuance of