HSBC to offer RMB services in Taiwan

Updated: 2011-09-15 09:29


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HONG KONG-- HSBC became the first foreign bank with license to offer RMB products and services in Taiwan, the bank said in a statement on Wednesday.

According to the statement, HSBC Bank (Taiwan) Limited on Tuesday obtained approval from the Taiwanese authority to offer RMB products and services to customers in Taiwan.

As the first foreign bank to be granted this license in Taiwan, HSBC will begin offering RMB-related services through its offshore banking units from September 19.

"As Asia's global bank, rooted in China, HSBC is proud to be the first foreign bank in Taiwan to be granted this license," said Thomas Poon, Head of Strategy and Business Planning, HSBC Hong Kong.

"With RMB capabilities in 45 countries globally, we are well positioned to unlock the international potential of RMB for customers worldwide."

"We are committed to the growth of Taiwan's economic development and are actively involved in supporting our customers' cross-Straits business exchanges.

"With the right international network and infrastructure, we will continue to draw upon our global connectivity to create tailored financial RMB solutions to help grow our customers' wealth," he added.

The license allows HSBC Taiwan to offer a range of RMB-related services and products including deposits, remittances, FX, trade, investments, loans and receivables finance amongst others.

Following the call from the Taiwan authority for local financial institutions to apply for the license on May 26, HSBC Taiwan lodged its application and was granted the license on September 13.