Banking News
- Foreign banks get tepid response to RMB retail services
Date: 24-Apr-2007 Sources: (Xinhua Online)
The launch of renminbi retail services Monday by locally incorporated overseas banks received lukewarm response from the mainlanders.
Most outlets of the four overseas banks Citibank, HSBC, Standard Chartered and Bank of East Asia in Beijing Monday evoked some interest.
'We've had some customers today to do renminbi business or for consulting,' said a foreign bank staff who declined to be named. 'But it was neither desolate nor bustling. Banking is a private matter, people aren't expected to swarm here.'
Industry experts said one reason for the lukewarm response is the high entrance requirements.
Citibank and Standard Chartered are charging clients if average daily account falls below 80,000 yuan. For HSBC it's 100,000 yuan. Only Bank of East Asia has adopted a different approach its minimum deposit is 5,000 yuan.
Sources from the Beijing branch of Bank of East Asia said it received 30 to 40 clients for renminbi business yesterday. Some deposited a small amount to try out the bank's services.
'We are expecting more clients in the next few days after people come to know about our business from the media,' a Bank of East Asia staff member said.
The four foreign banks are also expecting to attract more clients when they are allowed to sell renminbi wealth management products, a service that needs to be cleared by the China Banking Regulatory Commission first. The banks offered only deposits and mortgage services yesterday.
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