»»China: Four Foreign Banks Able to Offer Retail Yuan Services
Four foreign banks will be able offering bank services to private customers in mainland China. HSBC, Citigroup, Standard Chartered Bank and the Bank of East Asia passed the regulator’s audit last Thursday. […]
The four overseas institutions said over the weekend that their Shanghai branches would offer full yuan services from today while others are expected to do so shortly.
Standard Chartered said it would roll out various renminbi products for customers under two retail brands - Priority Banking and Excel Banking.
HSBC will concentrate on its Premier Wealth Management service for its retail banking business and charge 300 yuan a month to handle accounts with less than 500,000 yuan.
Last week, Citigroup became the first foreign bank in China to offer a yuan-denominated investment linked insurance product, service provided with the United MetLife Insurance Company.
(source)
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