Bison Bank expands its offshore RMB business
Lisbon, July 7, 2020 – Bison Bank has just been approved by the London Branch of China Construction Bank as the only Portuguese correspondent bank in 2020 for the conduction of offshore RMB business. Not only will this bring the interbank offshore RMB business to Bison Bank, but also the various offshore RMB products to its clients.
Bian Fang, Chief Executive Officer at Bison Bank, underlined: “We are very proud of this new achievement as it will further enhance our competitiveness in RMB products, a growing business opportunity. In fact, according to Bloomberg, during the first half of 2020, the scale of offshore RMB bond issuance increased by 29.7%, to RMB 74.6 billion. This is in line with our strategy to continue expanding our business in Asia to provide a full range of financial services to our clients.”
Since the beginning of 2020, Bison Bank has participated in the issuances of China Huarong and China Cinda offshore USD bond, and actively expanded the offshore RMB business. In order to strengthen the role of Bison Bank as a bridge between Europe and Asia, the Executive Committee has also approved the formation of the “China Desk”, which will be responsible for liaising and communicating with Chinese clients from China, Hong Kong and Macau, to enhance the quality and efficiency of service to Chinese clients.