CHINA / National |
Foreign banks ready for retailBy Yu Lu (China Daily)Updated: 2007-01-20 11:20 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. Stephen Green, chairman of HSBC Holdings Plc, announced in Beijing that the bank has received approval for its branch in Shenyang, Northeast China’s Liaoning Province. He also unveiled HSBC’s branding effort on the airbridges in Beijing Capital International Airport. Hui Feng "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. "We are also developing new products and expanding outlets as part of the preparation efforts," she said. A few days ago, the Bank of East Asia launched its first renminbi investment product, which was seldom offered previously by overseas banks due to limited subscription volume. "The launch of this product will widen the bank's product portfolio, as well as to pave the way for future renminbi business," the bank said. "Its strategic importance is more than simple sales results." In addition to direct marketing measures, foreign banks are spending more on brand image promotion. HSBC launched a branding program this week in the Beijing Capital International Airport. Under the program, the HSBC brand will be carried on the exterior of 47 airbridges at the airport, making it obvious to travelers. The bank uses the medium of airbridges to support its branding in many countries and cities around the world. |
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