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| Tuesday, 30 March 2004 |
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Standard Chartered granted RMB licence for business with Chinese corporates Standard Chartered is the first foreign bank to be given approval to conduct renminbi business with Chinese corporates in Shenzhen. Today's approval will enable Shenzhen Branch to offer RMB service to all corporate customers in Shenzhen and all other cities and regions that are open to foreign banks for RMB business. Shenzhen is one of the leading cities in China's Pearl River Delta region and is at the forefront of the country's economic reforms. Since setting up in 1983, Standard Chartered has become one of the biggest foreign banks in Shenzhen. In 1998, Standard Chartered Shenzhen Branch was among the first group of foreign banks to be granted an RMB licence to conduct business with foreign companies and has taken the leading position in the local RMB market since then. Lim Cheng Teck, Head of Corporate and Institutional Banking China said: "This is a significant step forward in opening the Chinese banking sector. Standard Chartered is committed to bringing the most effective financial solutions to our partner clients - foreign investors and locals. We welcome very much this opportunity to extend our banking service to local corporates. We believe our participation will help accelerate the development of banking products and services to this sector," he said. |
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