SUBSCRIBERS

HSBC, StanChart, DBS zoom in on RMB cross-border financing

They have won deals to lend to companies in Suzhou Industrial Park

Published Fri, Jun 20, 2014 · 10:00 PM
Share this article.

Singapore

HSBC Singapore, Standard Chartered Singapore and DBS Bank are among the first banks in Singapore to lend to companies in the Suzhou Industrial Park (SIP) under the latest renminbi (RMB) cross-border financing initiative, as banks race to increase their business in the world's second- largest economy.

With the help of HSBC's Suzhou Branch, two corporates have obtained loans for a total of 150 million yuan (S$30.2 million) from HSBC Singapore, the bank said yesterday.

Both enterprises are registered with the SIP; one is in bus manufacturing, the other is a distributor of allied industrial electronics, HSBC said.

Also through its Suzhou branch, StanChart Singapore will lend a total of 39.5 million yuan to two SIP-based firms. One produces travel co…

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Companies & Markets

SUPPORT SOUTH-EAST ASIA'S LEADING FINANCIAL DAILY

Get the latest coverage and full access to all BT premium content.

SUBSCRIBE NOW

Browse corporate subscription here