Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
CBA bolsters China strategy with RMB licence

CBA bolsters China strategy with RMB licence

The Commonwealth Bank has been granted authorisation for a Renminbi licence, enabling it to expand trade and investment for clients doing business in mainland China.

Advertisement
Advertisement
>A statement from the bank indicated its Shanghai branch has been granted an RMB licence by the Chinese Banking Regulatory Commission, which CBA said will help widen the “Australia-China corridor”.

“Our clients can already open RMB accounts, settle trades in RMB and enjoy executing RMB electronically using our CommBiz Markets platform with single sign on settlements capability,” said CBA executive general manager, international institutional banking and markets, James Rickward.

“The RMB licence increases our ability to deliver holistic tailored solutions that maximise business opportunities and minimise risk for our cross-border clients.”

CBA opened its first institutional banking branch in China in 2010, followed by a second branch in Beijing in 2013.

CBA bolsters China strategy with RMB licence
mortgagebusiness

 

Latest News

A new cycle of “meaningful” growth cannot be restarted through property, the CEO of NAB has said, suggesting that business investment is...

New figures from AMP Bank have shown a “significant uptick” in the number of home loan customers switching from IO to P&I loans ahea...

Customer-owned banking institutions wrote $6.6 billion in the 2019 financial year, up 7.8 per cent from the previous year and outpacing grow...

FROM THE WEB
podcast

LATEST PODCAST: New lending launches

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.