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SEB first Nordic bank to offer cross-border trade settlement and off-shore account services in Chinese currency Renminbi (RMB) outside China 25.11.2009 08:00:00 SEB is the first Nordic bank to provide cross-border trade related settlement and account services including cross-border payments and foreign exchange transactions in Chinese currency Renminbi (RMB) to all corporate customers for settlement of eligible trade transactions outside China. All SEB sites can now offer their clients these services through SEB in Singapore. In addition, SEB's corporate clients based in China can execute all their financial needs in RMB and foreign currency via SEB's branch in Shanghai. "This new service allows all SEB clients to take advantage of the possibility to use RMB for cross border trade and cross-border payments between China and Singapore under the pilot programme launched by the Chinese authorities ", says Bo Carlsson Head of SEB Singapore.
The pilot programme is seen as a first step in developing the RMB into an international settlement currency for Chinese exports and imports.
"With the RMB license that SEB received earlier in the year, we can offer a complete corporate banking solution within Cash Management, Trade Finance, Foreign Currency Trading and Lending for Chinese based clients through the Shanghai Branch", Carl Christensson, Head of SEB Shanghai continues.
SEB is a North European financial group serving some 400,000 corporate customers and institutions and five million private individuals. SEB offers universal banking services in Sweden, Germany and the Baltic countries - Estonia, Latvia and Lithuania. It also has local presence in the other Nordic countries, Ukraine and Russia and a global presence through its international network in major financial centres. On 30 September 2009, the Group's total assets amounted to SEK 2,233bn (~EUR 219bn) while its assets under management totalled SEK 1,295bn (~EUR 127bn).The Group has about 20,000 employees. Read more about SEB at www.sebgroup.com.
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For further information, please contact: Bo Carlsson, Head of SEB in Singapore, +65 97248550, bo.carlsson@seb.se
Carl Christensson, Head of SEB in Shanghai, +86 123 7889 12393, carl.christensson@seb.se
Press contact: Elisabeth Lennhede, +46 70 763 9916, elisabeth.lennhede@seb.se
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