Banknotes Week Ended 27 June 2014

Banknotes Week ended 27 June 2014

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KPMG China’s weekly banking news summary This publication is a summary of publicly reported information, the accuracy of which has not been verified by KPMG.

CCB approved to appoint new CFO – China Construction Bank has obtained In the news approval from the China Banking Regulatory Commission (CBRC) to appoint Xu

Bank of East Asia Yiming as its chief financial officer.

China CITIC Bank CITIC to issue Tier 2 capital bonds – China CITIC Bank has obtained approval from the CBRC to issue Tier 2 capital bonds worth a maximum of RMB 37 China Construction Bank billion to replenish its Tier 2 capital, subject to the approval of the People’s

Hang Seng Bank Bank of China (PBOC).

Industrial and Commercial Bank of China HSB China to issue RMB 1 billion worth of RMB bonds – Hang Seng Bank (China) Limited issued RMB 1 billion worth of offshore RMB bonds in Hong People’s Bank of China Kong for the first time at a fixed interest rate of 3.25 percent per annum, with a

tenor of three years. The bank, which has applied to list the bonds on the Hong Kong Stock Exchange, will use the net proceeds for general financing and other corporate purposes. BEA China opens branch in Fuzhou – The Bank of East Asia (China) Limited opened its 28th branch in China in Fuzhou to provide RMB and foreign currency banking services to corporate customers.

In brief PBOC to set RMB clearing banks in Luxembourg and Paris – The PBOC plans to designate RMB clearing banks in Paris and Luxembourg, and has signed agreements with the French and Luxembourg central banks for greater cooperation in their domestic RMB market.

Sources: Dow Jones & Company, Inc., Financial Services Monitor Worldwide, SinoCast Banking Beat, Xinhua’s China Economic Information Service, and various banks’ and regulators’ websites.

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Joan Ho Dickson Lee Partner Senior Manager China and Hong Kong SAR China and Hong Kong SAR Tel. +852 2826 7104 Tel. +852 2143 8688 [email protected] [email protected]

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