US bank seeks yuan license for growth
By Zhang Fengming |
April 15, 2011, Friday
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Print Edition
Print Edition
Wells Fargo & Co has applied for a yuan license to grow its wholesale banking business in China as it anticipates the currency's continued internationalization, which has sparked demand from customers for yuan services, the bank said yesterday in Shanghai.
"As the internationalization of the yuan continues at very rapid rate, we clearly see there's going to be more and more demand for yuan services," said Richard Yorke, executive vice president and head of international group at Wells Fargo.
Yorke joined the bank in October after working as president and chief executive of HSBC China.
China has launched several programs to boost the yuan's global ambition such as the cross-border trade yuan settlement.
David A. Hoyt, senior executive vice president and head of wholesale banking of Wells Fargo, stressed China is vital to the continued growth of the US bank's international business. The bank has no plan to be locally incorporated to tap the retail market, Hoyt said.
"As the internationalization of the yuan continues at very rapid rate, we clearly see there's going to be more and more demand for yuan services," said Richard Yorke, executive vice president and head of international group at Wells Fargo.
Yorke joined the bank in October after working as president and chief executive of HSBC China.
China has launched several programs to boost the yuan's global ambition such as the cross-border trade yuan settlement.
David A. Hoyt, senior executive vice president and head of wholesale banking of Wells Fargo, stressed China is vital to the continued growth of the US bank's international business. The bank has no plan to be locally incorporated to tap the retail market, Hoyt said.
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