Powered by MOMENTUM MEDIA
Broker Daily logo

CBA bolsters China strategy with RMB licence

The Commonwealth Bank has been granted authorisation for a Renminbi licence, enabling it to expand trade and investment for clients doing business in mainland China.

A statement from the bank indicated its Shanghai branch has been granted an RMB licence by the Chinese Banking Regulatory Commission, which CBA said will help widen the “Australia-China corridor”.

“Our clients can already open RMB accounts, settle trades in RMB and enjoy executing RMB electronically using our CommBiz Markets platform with single sign on settlements capability,” said CBA executive general manager, international institutional banking and markets, James Rickward.

“The RMB licence increases our ability to deliver holistic tailored solutions that maximise business opportunities and minimise risk for our cross-border clients.”

CBA opened its first institutional banking branch in China in 2010, followed by a second branch in Beijing in 2013.

More on Lender
25 November 2024
The private credit industry has exploded in Australia.
21 November 2024
Growing and developing your brokerage shouldn’t be done on a whim. Careful and calculated planning is key to success. ...
21 November 2024
Non-bank lenders can provide varied services from that of the big banks. While this is beneficial for consumer choice, ...