HSBC Bank (Taiwan) Ltd (匯豐台灣商銀) and state-run Hua Nan Commercial Bank (華南銀行) will start to offer yuan-denominated financial products and services to customers through their offshore banking units on Monday after obtaining regulatory approval earlier this week.
Thomas Poon (潘漢生), HSBC head of strategy and business planning in Hong Kong, said HSBC, as Asia’s global bank and rooted in China, is proud to be the first foreign bank to be granted the license.
“With yuan capabilities in 45 countries globally, we are well positioned to unlock the international potential of the yuan for our customers,” Poon said in a statement. “We are actively involved in supporting our customers’ cross-strait business exchanges.”
HSBC would become the first foreign bank to offer such services in Taiwan.
Among domestic lenders, Hua Nan Commercial Bank, the banking subsidiary of Hua Nan Financial Holdings Co (華南金控), will follow in the footsteps of Mega International Commercial Bank (兆豐國際商銀) to offer yuan services. Mega Bank began to offer its services on Aug. 30.
Hua Nan Bank said yuan services would boost its overall profitability and better serve its customers at home and in the Greater China area.
“We believe the license will allow our offshore banking unit to absorb yuan deposits as rapidly as the branch in Hong Kong,” Hua Nan bank said in a separate statement, adding that yuan deposits at the Hong Kong branch totaled NT$1.2 billion (US$40.4 million) as of Aug. 31 since the beginning of the service in February last year.
The yuan-related services and products include deposits, remittances, trade, foreign exchange, investments, loans and receivables finance, among others.
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