OREANDA-NEWS. March 10, 2011. Being the largest RMB business bank in the world, ICBC is stepping up the efforts to expand its cross-border RMB business and extend its strong RMB services overseas. In less than two years from the pilot since July, 2009 to end of January this year, ICBC has handled cross-border RMB transactions to an amount over RMB 150 billion, ahead of the peers both in terms of business volume and market shares, reported the press-centre of ICBC.

More important, ICBC has opened 200+ RMB accounts for overseas subsidiaries and correspondent banks. ICBC's RMB clearing network spans across 49 countries and regions, ranking No.1 among all banks in China.

Industry insiders said that ICBC being a large bank for conventional RMB business has unique advantages in moving forward the service across the border. ICBC is at the top of the global banks in terms of total RMB assets and settlement volume. The ICBC's financial strength in RMB capital ensures customers to access RMB loans with competitive interest rates. In IT support, ICBC is the first commercial bank in the country to centralize process all transactions from domestic and overseas. The real-time clearing system and centralized clearing model in home and foreign currencies covering transfer, settlement and clearing connect ICBC outlets across the globe under one roof and enable real-time transfer of funds, offering fast and highly efficient settlement services for all customers, as well as a solid foundation for ICBC to become a global RMB clearing bank.

ICBC views RMB business of strategic importance, said an executive with ICBC. Aggressive programs on service innovation have been embarked in line with the customer requirements. So far, the Bank has concluded numerous groundbreaking cross-border RMB transactions: the world's first fund-raising in RMB for an overseas project, the world's first open direct trading between RMB and Rouble overseas. ICBC is the first-mover in the yuan's internationalization drive. Besides, ICBC's subsidiary in Hong Kong was the first foreign financial institution approved to use RMB to invest in interbank bond market in domestic China, and underwrote the first RMB-denominated bonds by Taiwanese firm. At present, ICBC has a range of cross-border RMB products tailored to the customer needs, encompassing retail banking, fund clearing, trade finance, global cash management, professional finance, investment banking, bank card, internet banking and asset management. Different product portfolios can be offered to different customers. Worthy of note is that, ICBC also set up its own global service network while following the customers to "go global". The RMB service network of ICBC has been expanding worldwide backed by 203 overseas subsidiaries in 28 countries/regions, and 1,453 overseas agency banks located in 132 countries/regions.

In light of the fast progress of China's foreign trade, investment and exchange of personnel, the demand of RMB overseas will continue, said the ICBC executive. This brings a good opportunity for the commercial banks in China to expand their market. In the next step, ICBC will continue to extend its domestic advantages in RMB capital, products, system and professional staff overseas to improve its financial services worldwide and the global offshore RMB clearing network. The objective is to build a platform for running RMB business through different channels, wide range of products and highly efficient. ICBC strives to the preferred partner bank of cross-border RMB services for customers around the world.