Citibank has launched a UK Renminbi (Rmb) cash management and trade solutions service to help its clients capitalise on the Chinese trade finance market.
The new service will offer Rmb accounts domiciled in the UK, including payments and collections capabilities, trade services and financing, along with FX transactions and hedging solutions.
The offering will also allow Citi’s multinational clients to leverage their Rmb solutions to include China subsidiaries into their global and regional treasury centres.
Rajesh Mehta, Emea head of treasury and trade solutions, says: “Emea is the second largest trade partner with China, and the European market is quick to adopt Rmb-denominated transactions. Our London platform is an ideal hub to roll out our new Rmb solution, thereby allowing our clients to gain better access to the Chinese market and capture new growth opportunities.”
Citi is expecting to launch its Rmb offerings to other regions in the near future, a spokesperson at Citi tells GTR.
“This announcement is not a one-off. We are continuously expanding our Rmb offering to help our clients capture new growth opportunities. Other international banks such as HSBC and Standard Chartered are offering similar services in the UK, but the breadth of Citi transaction services’ network and our integrated RMB offering give us a competitive advantage.”
Citi launched its Asia Pacific Rmb distribution service in December 2011, and its Rmb trade settlement service in Sri Lanka in January 2012.