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On her way to a restaurant near Jianguo Men, Bai Li was handed a leaflet introducing the Dutch bank ABN AMRO. And in recent days, she received phone calls from the staff members of foreign banks HSBC and Citibank. Bai, who works for a foreign cosmetics company, also found that several foreign banks have set up promotional booths near her office complex. As the time for foreign banks' entry into the renminbi retail business draws near, they have increased efforts to attract new clients. It is expected that the first group of foreign banks may offer renminbi services to Chinese consumers in May or even earlier. "We have made marketing plans to prepare for the future renminbi business," said Eva Chow, China's head of corporate communications of Standard Chartered Bank. An important aspect is maintaining existing customers and making them renminbi business clients when allowed, she said, while at the same time attracting new clients through various channels. "We are also developing new products and expanding outlets as part of the preparation efforts," she said. A few days ago, the Bank of East Asia launched its first renminbi investment product, which was seldom offered previously by overseas banks due to limited subscription volume. "The launch of this product will widen the bank's product portfolio, as well as to pave the way for future renminbi business," the bank said. "Its strategic importance is more than simple sales results." In addition to direct marketing measures, foreign banks are spending more on brand image promotion. HSBC launched a branding program this week in the Beijing Capital International Airport. The bank uses the medium of airbridges to support its branding in many countries and cities around the world. (China Daily January 20, 2007) |
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