Category: Industrial & Commercial Bank of China Ltd.

China Construction Bank Wins License for Branch in Switzerland

(Bloomberg) — China Construction Bank Corp. became the first Chinese bank to receive permission to offer commercial- banking services and clear renminbi transactions in Switzerland. The Swiss financial regulator, Finma, granted the bank permission to open a branch in Zurich, a spokesman said by phone Monday. China Construction Bank applied...

China Thwarts Morgan Stanley, UBS as It Opens Yuan Bond Market

When it comes to opening its $5.7 trillion bond market to global central banks, China is rolling out the red carpet. The world’s top underwriters are struggling to get in the back door. Morgan Stanley set up a joint venture that’s helped manage 30.2 billion yuan ($4.9 billion) of note...

First cross-border payment for Canadian RMB Trading Hub

This week, the Royal Bank of Canada became the first bank to complete cross-border Renminbi (RMB) payment using Canada’s new RMB Trading Hub through the hub’s designated clearing bank, Industrial & Commercial Bank of China (Canada). On 23 March, Royal Bank of Canada (RBC), other Canadian banks and government delegates...