Bangkok--24 Sep--Standard Chartered Bank
Less than two months since China issued the rules for participation in the Renminbi (RMB) cross border trade settlement scheme, Standard Chartered Bank has led the way by becoming the first international bank in Hong Kong to settle two-way Renminbi trade settlement with China, the first international bank offer RMB Nostro services to ASEAN banks and the first international bank in China to lend Renminbi overseas, under the scheme.
Standard Chartered Bank was one of the first international banks to be granted an Agent & settlement bank status for cross-border Renminbi settlements in China. Now, in a move that further demonstrates their pioneering approach to this initiative, Standard Chartered Bank has announced that it will start offering Renminbi payments, clearing, FX, Trade services, Renminbi clearing and settlement services to Corporate and Institutional clients in ASEAN markets including Thailand, Singapore, Malaysia, Indonesia, Vietnam and the Philippines.
Mr. Yuthadej Putamanonda, Head of Transaction Banking at Standard Chartered Bank (Thai) Pcl. commented: “There is a lot of potential for the Renminbi to gain momentum as a trade settlement currency in the region, given the importance of China as a trading partner to the ASEAN block. By working with Standard Chartered, Corporates and Financial Institutions in ASEAN countries can now leverage the opportunities that are emerging as this scheme unfolds. We are now offering Renminbi services for settlement with Mainland China companies from Thailand, Hong Kong, Macau and across ASEAN countries”
Come December 2009, the bank will further expand its offering in Thailand and other ASEAN countries to cover additional services such as Renminbi denominated Deposits & Current Accounts for corporate and SME clients.
Mr. Yuthadej continued: “As a designated Agent & Settlement Bank for Renminbi, we also look forward to working closely with our clients to leverage these opportunities as well as help them get their counterparties onto the approved MDE(Mainland Designated Entity) list in China.”
For further information please contact Standard Chartered Bank (Thai) Corporate Affairs, Thailand:
Supattra Yenkasem Tel: 02 724 8022
[email protected]
Saowarop Panyacheewin Tel: 02 724 8025
[email protected]
Note to Editors:
Standard Chartered — leading the way in Asia, Africa and the Middle East
Standard Chartered PLC, listed on both London and Hong Kong stock exchanges, ranks among the top 25 companies in the FTSE-100 by market capitalisation. The London-headquartered Group has operated for over 150 years in some of the world's most dynamic markets, leading the way in Asia, Africa and the Middle East. Its income and profits have more than doubled over the last five years primarily as a result of organic growth.
Standard Chartered aspires to be the best international bank for its customers across its markets. The Group earns around 90 per cent of its income and profits in Asia, Africa and the Middle East, from its Wholesale and Consumer Banking businesses. The Group has over 1600 branches and outlets located in over 70 countries. The extraordinary growth of its markets and businesses creates exciting and challenging international career opportunities.
Leading by example to be the right partner for its stakeholders, the Group is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. It employs around 70,000 people, nearly half of whom are women. The Group's employees are of 125 nationalities, of which about 70 are represented in the senior management.
Standard Chartered Bank (Thai) PCL.
Standard Chartered Bank (Thai) offers innovative products and services - Consumer Banking provides credit cards, personal loans, deposit taking, wealth management, mortgage, SME Banking to individuals and small to medium sized enterprises; Wholesale Banking provides corporate and institutional clients with services in trade finance, cash management, lending, securities services, foreign exchange, debt capital markets and corporate finance.
For more information please visit: www.standardchartered.com
Standard Chartered Bank (Thai) www.standardchartered.co.th