ICBC's yuan center
Source: Xinhua |
March 12, 2011, Saturday
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Print Edition
Print Edition
CHINESE banking giant ICBC set up its first overseas yuan processing center in Singapore yesterday, in line with the bank's strategy to go international and the fast growth of yuan business in the region.
ICBC made the decision to set up the center after due consideration and the move showed that the bank believed yuan operations in Singapore enjoyed promising prospects, said Wang Lili, executive director and senior vice president of the world's largest bank. ICBC will leverage the favorable geographical location and business environment to make the Singapore branch ICBC's yuan processing center for southeast Asia, she said.
The Singapore branch of ICBC started opening yuan deposit accounts for its customers in 2002 and launched yuan remittance services for individuals in 2003.
ICBC made the decision to set up the center after due consideration and the move showed that the bank believed yuan operations in Singapore enjoyed promising prospects, said Wang Lili, executive director and senior vice president of the world's largest bank. ICBC will leverage the favorable geographical location and business environment to make the Singapore branch ICBC's yuan processing center for southeast Asia, she said.
The Singapore branch of ICBC started opening yuan deposit accounts for its customers in 2002 and launched yuan remittance services for individuals in 2003.
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