Banks to cooperate
By Hu Xiaocen |
April 4, 2013, Thursday
|
Print Edition
Print Edition
HSBC has deepened cooperation with the Bank of Communications to tap the growing cross-border yuan settlement, the London-based lender said.
The two banks signed a memorandum of understanding to cooperate on cross-border yuan trade, including trade finance, remittance, lending, offshore investment and finance, asset custody and fund management, retail banking, cash management and capital markets, HSBC said in a statement yesterday.
The globalization of the yuan has pushed commercial lenders to offer more products and services to ride on the currency's rise.
HSBC, the biggest European bank, holds 19.03 percent stake in China's fifth-biggest lender BoCom.
The two banks signed a memorandum of understanding to cooperate on cross-border yuan trade, including trade finance, remittance, lending, offshore investment and finance, asset custody and fund management, retail banking, cash management and capital markets, HSBC said in a statement yesterday.
The globalization of the yuan has pushed commercial lenders to offer more products and services to ride on the currency's rise.
HSBC, the biggest European bank, holds 19.03 percent stake in China's fifth-biggest lender BoCom.
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