In cooperation and agreement with the Industrial and Commercial Bank of China (ICBC), People’s Republic of China largest bank, Bank of America will become the first foreign bank able to act as an agent for bank drafts issued in the Chinese Renminbi currency. Such drafts are to be made available at Bank of America’s Shanghai branch according to Bank of America’s plan. Prior to the agency agreement entered into between ICBC and Bank of America, foreign banks were not permitted to issue Renminbi drafts for payment outside their licensed business area.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.