SEB in China receives preliminary licence for business in Chinese
currency Renminbi (RMB)
SEB in China has received the preliminary licence to pursue banking
operations in the Chinese currency the Renminbi (RMB) from the China
Banking Regulatory Commission (CBRC).
"This will allow our clients in China to take advantage of a full
range of corporate banking services in the local currency Renminbi
across the whole country", says Carl Christensson, head of SEB in
Shanghai.
SEB offers working capital and term loan financing, trade finance,
cash management, export and project finance, foreign exchange and
financial advisory. The service range is supported by the internet
banking solutions C&I Online and Online Trade Finance.
SEB opened its first office in Beijing 26 years ago shortly after
China reopened its market to foreign banks. Beijing is the capital
city and political centre, whereas Shanghai has become the financial
hub of China. A great number of Nordic and German companies have
established themselves in or close to Shanghai, and to better serve
these clients, SEB opened a branch in Shanghai in 2005. With the new
license, SEB can service both domestic and cross border financial
needs.
SEB is a North European financial group serving some 400,000
corporate customers and institutions and five million private
individuals. SEB offers universal banking services in Sweden, Germany
and the Baltic countries - Estonia, Latvia and Lithuania. It also has
local presence in the other Nordic countries, Poland, Ukraine and
Russia and a global presence through its international network in
another ten countries. On 30 September 2008, the Group's total assets
amounted to SEK 2,416bn (~EUR 237bn) while its assets under
management totalled SEK 1,244bn (~EUR 122bn).The Group has about
22,000 employees. Read more about SEB at www.sebgroup.com.
_____________________________________________
For further information, please contact:
Carl Christensson, Head of SEB in Shanghai, +86 21 5396 6765,
carl.christensson@seb.se
Press contact: Elisabeth Lennhede, +46 70 763 9916,
elisabeth.lennhede@seb.se
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
