UOB sets up RMB Solutions team
(23 June 2015 – Singapore) United Overseas Bank (UOB) has announced the establishment of a specialised Renminbi (RMB) Solutions team to help more enterprises take advantage of managing their cross-border business.
The RMB Solutions team will provide customers with advice on how policy and regulatory changes designed to accelerate the internationalisation of RMB will affect their business.
The team will also tap on the resources and expertise across UOB’s network to provide financial solutions in the areas of cash management, foreign exchange, investment and hedging.
The ongoing internationalisation of the RMB has seen it become the world’s fifth most widely-used payment currency for global trade.
Wee Ee Cheong, deputy chairman and chief executive of UOB, said the need for RMB financial solutions has intensified alongside China’s rising economic influence as the world’s largest trading nation.
“There are tremendous economic and business opportunities resulting from the increased connectivity and influence of China.
“As a Bank with an unrivalled network in Southeast Asia, UOB is strengthening our RMB capabilities to support our customers as we see more of them do business in and with China.
“Our new RMB Solutions team is well-equipped with the relevant expertise and able to tap on the resources across our network to help customers seize these opportunities,” he said.
Eric Lian, president and chief executive of UOB (China), said, “As domestic companies in China spread their wings across the region, our RMB Solutions team and FDI Advisory Unit are working together to ensure local enterprises are successful as they expand.
“Backed by our extensive regional network, deep understanding of Asian markets and strong banking expertise, we are able to offer customers the right solutions that best meet their needs.
“Furthermore, through the Group’s one Bank approach, we are able to provide our customers with seamless banking services across borders.”
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