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Standard Chartered, Chinese Bank Agree On Renminbi Clearing Services To UK
Tom Burroughes
4 December 2013
Standard Chartered, the UK-listed bank, and earns the bulk of its revenues
outside the UK, in regions
such as Asia. Cameron and a delegation of business leaders have been in China this week
drumming up support for bilateral trade. While European firms have been seeking
to penetrate the Chinese economy – typically having to do so via joint ventures
– China’s
rising business muscle has seen the country become a significant investor.
Also, high net worth Chinese individuals have, among others, been buying into
areas such as London’s
prime residential market, for example. The Standard Chartered/ABC agreement amounts to a renewal of
the MOU signed between the banks three years ago, StanChart said in a statement
yesterday. In July 2010, Standard Chartered subscribed to $500 million
of ABC’s H-Share initial public offering. “During their 3-year partnership, the two banks have
significantly increased their mutual trade volumes both domestically and
internationally and supported each other’s expansion plans in China and abroad,” the StanChart
statement said.