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StanChart Singapore completes 50m-yuan loan transaction linked to Tianjin Eco-City

STANDARD Chartered Bank on Tuesday said it has completed a transaction to provide 50 million yuan (S$10.8 million) in cross-border yuan-denominated loans from its Singapore branch to Tianjin Eco-City Keppel New Energy Development Co, Ltd (TEC-Keppel) based in Tianjin, China.

The bank said it is the first foreign lender to have completed a cross-border RMB (renminbi) loan to a company in Tianjin Eco-City (TEC) under the initiative announced last year to allow eligible companies and individuals in the TEC to conduct cross-border yuan-denominated transactions with Singapore.