Center

Foreign banks ready for retail

By Yu Lu (China Daily)
Updated: 2007-01-20 11:12

On her way to a restaurant near Jianguo Men, Bai Li was handed a leaflet introducing the Dutch bank ABN AMRO.

And in recent days, she received phone calls from the staff members of foreign banks HSBC and Citibank.

Bai, who works for a foreign cosmetics company, also found that several foreign banks have set up promotional booths near her office complex.

As the time for foreign banks' entry into the renminbi retail business draws near, they have increased efforts to attract new clients. It is expected that the first group of foreign banks may offer renminbi services to Chinese consumers in May or even earlier.

The China Banking Regulatory Commission gave the nod in December to nine foreign banks to start their preparatory work for local incorporation in China. It will take three to six months to receive an operating license.

"We have made marketing plans to prepare for the future renminbi business," said Eva Chow, China's head of corporate communications of Standard Chartered Bank.

An important aspect is maintaining existing customers and making them renminbi business clients when allowed, she said, while at the same time attracting new clients through various channels.