HSBC’s strategic push to Asia promises explicit investment in transaction banking platforms and lending rates set to undercut existing lenders*, but the shift will be far less substantial than presumed.
In this month’s Working Capital Chronicle, HSBC was mandated as LME’s renminbi concentration bank. Meanwhile Deutsche Bank and Citi also run innovative cash deals.
As one of the world’s most important banks for treasurers pivots to Asia, CT speaks to HSBC's head of cash & payments, Kee Joo Wong about the implications for corporates.
In a panel on cash strategies, treasury groups and member practitioners divulged their strategies for dealing with what’s coming in 2015, including ditching banks who charge on deposits.
StandChart and Ford remit RMB dividends; WPG Holdings and Pentair implement two-way renminbi sweeping in the SFTZ with Stanchart and Citi; Shell awards global RMB mandate to StanChart.
Basel III proposals requiring banks to report intra-day liquidity will severely stifle correspondent relationships, but the infrastructure could be valuable to companies.