(05 April 2013 – China) A memorandum of understanding (MoU) has been signed between HSBC and China’s Bank of Communications (BoCom).The deal formalises the framework for future cooperation between the Hong Kong based HSBC and covers cross-border renminbi business cooperation.
It is reported the two banks are still working on detail initiatives.
BoCom has appointed Ng Siu On, a banker with international banking expertise from HSBC, as a HSBC-BoCom Strategic Cooperation Consultant, joining BoCom’s Senior Management Team.
Ng was most recently Head of Corporates for HSBC’s Commercial Banking Business in Hong Kong. He was also a consultant for HSBC’s Asia-Pacific Chief Executive on Greater China business.