The Rivoli Group, a private company known for its portfolio of international luxury brands, has opened a a renminbi (RMB)-denominated account with full transactional capabilities with Standard Chartered Bank. The bank is the first foreign bank in the Middle East to open a RMB account for its client.
The ability to transact in RMB will allow Rivoli to establish itself as the luxury lifestyle retailer of choice amongst its Chinese buyers, as well as take advantage of the opportunities arising from the growing demand for luxury goods in China. In addition to being able to receive payments in RMB, Rivoli can now take advantage of the full suite of RMB account, trade settlement, transactional and financial markets capabilities Standard Chartered Bank possess in Asia and the Middle East.
Farooq Siddiqi, head of transaction banking, Middle East and North Africa (MENA), Standard Chartered Bank, said: “Our extensive network across Asia and the Middle East enables us to be well positioned to support clients’ needs to transact in RMB and be their core bank of choice. This announcement builds on our recent launch of the first RMB nostro account for an Islamic bank and showcases our efforts to continuously provide superior international solutions and services across our network to facilitate international trade activities between China and the MENA region.”
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