China's CITIC Bank opens Singapore branch
By Jo-ann Huang | Posted: 08 April 2011 2132 hrs
SINGAPORE : China's CITIC Bank International has officially opened its Singapore branch on Friday - marking the lender's first step in its regional expansion.
The bank is targeting China companies that are expanding to Singapore and the ASEAN region.
It is also hoping to tap Singapore customers that are going to China.
Since its soft opening in December, CITIC Bank's Singapore branch has handled a trade loan balance asset of S$648 million and has rolled out a variety of yuan-related services.
The bank's services include wholesale banking and treasury services such as working capital financing, cash management, trade finance and foreign exchange services.
CITIC Bank says it plans to offer private banking wealth management services in Singapore by next year.
The bank says it will leverage on its experience in offering Renminbi products and services in Hong Kong where it has has about S$24 billion in assets and is one of the top 10 commercial banks there.
The lender says it is also set to take part in the first Renminbi IPO in Hong Kong.
CITIC Bank currently has presence in China, Hong Kong, Macau and the US.
It is also eyeing to expand into the Australian market.
- CNA/ch
- wong chee tat :)
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