Yuan banking to bring clout to Taiwan: SCB
By Linger Liu,The China PostTAIPEI, Taiwan -- Standard Chartered Bank's (SCB) Taiwan branch President Ajay Kanwal yesterday said it expects Taiwan to grow into an Asia-based financial center due to its open Chinese yuan market.
March 8, 2013, 12:16 am TWN
The president said he expects that Taiwan will grow into a global financial center with its easier access to the Chinese yuan.
The Chinese yuan is forecast to be the third-largest traded currency after the U.S. dollar and euro, according to the bank. The president suggested that the yuan has the potential to grow in value and therefore importance as an investment vehicle.
To achieve future growth, the bank will retain its focus on client-first services, Kanwal said, adding that they look forward to seeing Taiwan join the Chinese yuan currency market this year.
Wai Choong Hui (許維中) said the SCB has been offering clients various choices in financial solutions related to the Chinese yuan for the past four years in Hong Kong. Hui said the bank's mixture of strong client-service relations and its Hong Kong-based experience with the Chinese yuan will assist it to provide yuan services in Taiwan.
Hope Ong (王秀芬), the head of Corporate Affairs, said the SCB offers local desks based in mainland China as part of helping Taiwan clients invest in China.
The SCB said in 2012 its total revenue amounted to US$19.07 billion.
Kanwal said the SCB appreciates the bank's globally diverse work force. Currently, SCB's labor force includes employees from over 125 countries in 69 global markets, with approximately 200 Taiwanese nationals working in different headquarters around the planet.