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HSBC, StanChart, DBS zoom in on RMB cross-border financing
They have won deals to lend to companies in Suzhou Industrial Park
Add BT as a preferred sourcePublished Fri, Jun 20, 2014 · 10:00 PM
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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.
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