Standard Chartered Holds Grand Opening Ceremony for its Sub-branch in China (Shanghai) Pilot Free Trade Zone

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Leading RMB cross-border initiatives and participation in the zone’s financial transformation with a focus on financial product innovation and service excellence

 

March 28, 2014, Shanghai, China – Coinciding with the half-year anniversary of the establishment of China (Shanghai) Pilot Free Trade Zone(“PFTZ”), Standard Chartered Bank (China) Limited (“Standard Chartered China”) today held a grand opening ceremony for its sub-branch in the zone. Immediately following the opening ceremony, the Bank hosted a seminar with the theme of “Financial Services for Free Trade” to share its latest views on the trends and development of RMB internationalisation, the implications to all stakeholders in the zone, and the Bank’s RMB cross-border services and future opportunities.

 

Lim Cheng Teck, CEO and Executive Vice Chairman of Standard Chartered China, commented, “Today marks an important milestone for our operations in the PFTZ. We are fully confident about the future of PFTZ’s development, and will make the most of the opportunities presented by the zone’s financial reform as we actively support its financial innovation.  Capitalizing on our strengths and experience as an international bank, and with our deep market insight and business expertise in the local market, we will work closely with regulators to pilot solutions to better serve our clients with first class products and services.”

 

The PFTZ sub-branch, located on the ground floor of No 24 Jiafeng Road, Waigaoqiao Free Trade Zone, offers comprehensive domestic and cross-border RMB as well as foreign currency financial products and services to a wide range of enterprises and financial institutions in the zone. It also focuses on the development of cash management and settlement services, cross-border financing, cross-border financial market risk management, and cross-border capital market services. Immediately after PBoC Shanghai’s recent notice on promoting RMB cross border business in the PFTZ, the Bank launched the first non-quota-based RMB-denominated two-way cross border sweeping transaction for Baoxin Auto Group Limited, demonstrating its rapid response to regulatory policies, deep insight into market development, and capability to provide timely solutions for its clients.

 

With 156 years of history with China and a unique global footprint across 70 markets, Standard Chartered is one of the first international banks to offer RMB products in China, and has achieved a series of market “firsts” in the development of the RMB. In November 2012, the Bank launched the RMB Globalisation Index (RGI) – the first industry benchmark that effectively tracks the progress of RMB-based business from various aspects worldwide, which offers corporates and investors a comprehensive and quantifiable view of the latest trends, sizes and levels of offshore RMB activities. In May 2013, Standard Chartered successfully raised 1 billion yuan through a three-year senior unsecured notes listed on the Singapore Exchange. This was the first offshore RMB bond to be listed, cleared and settled in Singapore. In early December 2013, Standard Chartered and Agricultural Bank of China cemented a partnership to provide an RMB clearing service in London, enabling local financial institutions and corporates to conduct RMB transactions, which strengthens London’s position as an offshore RMB centre, and paves the way for further development of RMB internationalisation.

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