At the end of November 2004, the Chinese supervisory authority granted new licences to KBC, enabling the bancassurance group to expand its activities and service offering. KBC’s Shanghai branch was licensed to sell forex and interest rate derivatives to corporate customers and financial institutions in China, as well as banking products in all currencies, including the local currency, the renminbi (RMB), to local Chinese companies. Thanks to these new licences, KBC is now authorized to offer services in renminbi in five cities in which KBC does not currently have a branch: Kunming, Xi’an, Xiamen, Shenyang and Beijing. Both Chinese and western companies with activities in China will now be able to call on KBC for financial services in a much larger area, instead of having to have recourse to other institutions.
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.