China’s renminbi (RMB – also known as the yuan) is poised to join the US dollar and the euro as one of the world’s top three trading currencies as China will settle 30% of its annual trade in RMB, equivalent to $2 trillion.
Customers who are looking to invest in renminbi can choose from a wide range of RMB deposit account and services which include RMB current accounts, savings accounts and term deposits which can be for either one, three, six or twelve month tenors.
The newly introduced range of products follows on from HSBC’s strategy of becoming the leading international bank for RMB in the Middle East, and globally, allowing customers to benefit from the bank’s understanding of the Chinese market.
Gifford Nakajima, Regional Head of Wealth Development, Retail Banking and Wealth Management, MENA, HSBC, said: “Our expertise in RMB is rooted in our deep understanding of China, our global connectivity and unrivalled expertise in trade and investments. With the acceleration of RMB internationalization and the rapid growth of the affluent segment in the Middle East, the launch of HSBC’s range of RMB deposit products will help meet our customers’ sophisticated needs and capture the potential of RMB as an emerging international currency which will continue to benefit from China’s economic growth.”
Customers can get potentially higher interest rates on their HSBC RMB Savings and Term Deposits as compared to AED, USD and GBP, hence giving them an opportunity to build savings in renminbi.
“At HSBC, we recognise the importance of providing our customers with ease of access and convenience to a range of services that help them achieve their retail banking, and wealth needs. This new product offering will add to the extended suite of Retail Banking and Wealth Management solutions the bank already offers to enhance its customer experience and meet the needs of the Middle East’s growing segment of affluent individuals. HSBC’s RMB deposit products also present an opportunity for its customers to diversify their currency holdings and investment portfolios.”
In addition to the added benefits that are available with the new product offerings, customers can also benefit from HSBC’s flagship Global View Global Transfer platform, which allows them to transfer money to another RMB account within or outside the UAE through instant cross border wires thereby reducing foreign exchange and currency fluctuation costs.
HSBC is the largest and most widely represented international banking organisation in the Middle East and North Africa (MENA), with a presence in 14 countries across the region. HSBC has operations in the United Arab Emirates, Egypt, Qatar, Oman, Bahrain, Kuwait, Jordan, Lebanon, Pakistan, Algeria and the Palestinian Autonomous Area.
In Saudi Arabia, HSBC is a 40% shareholder of Saudi British Bank (SABB), and a 49% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. In Iraq, HSBC holds a majority shareholding in Dar Es Salaam Investment Bank. HSBC also maintains a representative office in Libya.
This presence, the widest reach of any bank in the region, comprises some 295 offices and around 12,000 employees. In the three quarters of the year ending on 30 September 2012, HSBC in the MENA region made a profit before tax of $1,048m.
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