Business

Tuesday November 3, 2009

Maybank unveils renminbi service


KUALA LUMPUR: Malayan Banking Bhd (Maybank) yesterday introduced renminbi (RMB) trade settlement service at its Malaysian branches as well as selected regional offices.

The service is available at all 387 Maybank branches nationwide and 17 trade finance centres, 39 business centres and 80 international offices in Labuan, Singapore, Brunei, Hong Kong, Vietnam, Indonesia, Cambodia and the Philippines.

It will enable importers and exporters in the region to settle cross-border trade transactions with eligible companies located in Shanghai, Guangzhou, Dongguan, Zhuhai and Shenzhen as well as external enterprises in designated countries, namely those in Asean, Hong Kong and Macau.

Mainland designated enterprises (MDEs), which are registered with the Chinese authorities, are allowed to settle their cross-border trade transactions in RMB.

To date, 365 MDEs are designated to undertake RMB trade settlement. “With this new RMB trade settlement service, we expect Maybank’s trade finance billings with China to grow by 15% in the current financial year ending June 2010,” Maybank head of international Abdul Farid Alias said in a statement.

The service includes documentary collections, letters of credit and open account transactions involving trade payments via telegraphic transfer. — Bernama


MAYBANK : [Stock Watch] [News]


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