HSBC has signed a memorandum of understanding with Bank of Communications to leverage both banks' cross-border RMB businesses. 

Under the terms of the deal, HSBC and BoCom will collaborate on all aspects of cross-border RMB transactions, including trade finance, remittance, lending, offshore investment and finance, asset custody and fund management, retail banking, cash management and capital markets. 

Ng Siu On, a veteran banker, steps in as a strategic cooperation consultant for HSBC-BoCom and joins BoCom's senior management team. Ng was previously the head of corporates for HSBC's commercial banking business in Hong Kong and had also served as a consultant for HSBC's Asia-Pacific chief executive on Greater China businesses. He brings 35 years of industry experience to his new role. 

This is not the first time both banks are working together to boost each other's offerings. HSBC and BoCom already collaborate on several areas, including providing support for mainland corporates, credit card, custody and clearing, international trade financing and fund distribution.