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HSBC and BoCom join hands in yuan business
By Hu Xiaocen |
April 3, 2013, Wednesday
|
Online Edition
Online Edition
THE biggest European bank HSBC and China's fifth-biggest lender Bank of Communications (BoCom) have teamed up to leverage their international and domestic strengths to deepen cooperation in cross-border yuan business.
The two lenders signed a memorandum of understanding on cross-border yuan business cooperation including trade finance, remittance, lending, offshore investment and finance, asset custody and fund management, retail banking, cash management and capital markets business, HSBC said in a statement released today.
According to the statement, Shanghai-based BoCom appointed Ng Siu On the strategic cooperation consultant between the two lenders. Ng joins BoCom's senior management and was formerly HSBC's head of corporate for commercial banking in Hong Kong.
The two lenders signed a memorandum of understanding on cross-border yuan business cooperation including trade finance, remittance, lending, offshore investment and finance, asset custody and fund management, retail banking, cash management and capital markets business, HSBC said in a statement released today.
According to the statement, Shanghai-based BoCom appointed Ng Siu On the strategic cooperation consultant between the two lenders. Ng joins BoCom's senior management and was formerly HSBC's head of corporate for commercial banking in Hong Kong.
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