SEB launches offshore Chinese Yuan services
(Thomson Reuters ONE) -
SEB today launched a set of services in offshore Chinese Yuan (CNH) for cash
management, trade finance and foreign exchange. SEB is the only Nordic bank and
one of the first international banks to offer such services. This will give
SEB's customers access to the new offshore CNH market that started in July this
year and that is set to become one of the world's most important markets the
years ahead.
Foreign exporters and importers will now be able to invoice in Chinese yuan,
giving several advantages including improved margins, as the CNH is currently
trading at a stronger rate than the onshore CNY. For investors this is the birth
of a new market and in the years to come the CNH is expected to become an
important part of every large investment portfolio. SEB can now help investors
who wish to gain exposure to the Yuan and who do not have access to the CNY or
cannot use the Non-Deliverable Forward markets (NDF).
"Since July 2010 the CNH is a fully convertible currency. This opens up a range
of new possibilities for organisations that have cross-border trade with China,
and for investors and for foreign central banks to use CNH as a reserve
currency," says Petter Sandgren, Head of Trading, SEB Asia.
"The Renminbi is set to become an international currency over the next few
years, and we have developed our new services in response to this. China is an
increasingly important market for our customers, and together with our existing
offering from our SEB branch in Shanghai we can now provide them with a
comprehensive range of services in China, both onshore and offshore."
For further information, please contact Press contact
Petter Sandgren, Head of Trading, SEB Asia Elisabeth Lennhede, Press & PR
+65 9653 2940 +46 70 7639916
elisabeth.lennhede(at)seb.se
Ola Kallemur, Group Press Officer
+46-8-763 9947, +46-76-397 5466
SEB is a leading Nordic financial services group. As a relationship bank, SEB in
Sweden and the Baltic countries offers financial advice and a wide range of
other financial services. In Denmark, Finland, Norway and Germany the bank's
operations have a strong focus on corporate and investment banking based on a
full-service offering to corporate and institutional clients. The international
nature of SEB's business is reflected in its presence in 20 countries worldwide.
On September 30, 2010, the Group's total assets amounted to SEK 2,254 billion
while its assets under management totalled SEK 1,343 billion. The Group has
about 17,000 employees, excluding its retail banking operations in Germany. Read
more about SEB at www.sebgroup.com.
Emerging Markets Strategy Focus:
http://hugin.info/1208/R/1471789/408440.pdf
Press release PDF:
http://hugin.info/1208/R/1471789/408436.pdf
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Source: SEB via Thomson Reuters ONE
[HUG#1471789]
Unternehmensinformation / Kurzprofil:
Datum: 15.12.2010 - 07:01 Uhr
Sprache: Deutsch
News-ID 49709
Anzahl Zeichen: 3805
contact information:
Town:
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Kategorie:
Business News
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