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British Standard Chartered Bank's Nanjing branch was given approval to conduct Renminbi (RMB) services in the capital city of Jiangsu Province Thursday by the China Banking Regulatory Commission.
The first foreign bank approved to deal in RMB services in Jiangsu, Standard Chartered will provide loans, savings and credit card services to small and medium-sized businesses and individuals, while managing cash, foreign exchange and securities for customers.
Founded in 1992, Standard Chartered's Nanjing branch is the biggest foreign bank in the province. An official with the bank said the opening of RMB services will further expand its influence.
The bank's branches in Shanghai and Shenzhen obtained the approval for providing RMB services to Chinese and foreign companies earlier this year.
(Xinhua News Agency October 2, 2004)
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