The Royal Bank of Scotland (RBS) is launching a new China desk in London in an attempt to serve the trade finance and banking needs of companies in mainland China who are looking to expand their business internationally and to help European firms looking to do business with the growing trade giant.
The move can be seen as part of a concerted drive to make London an international offshore renminbi (RMB) trading hub for Europe, following on Chancellor George Osborne’s trip to China at the turn of the year with RBS joining the UK Trade and Investment mission which has this as a stated aim.
The China desk in London will be led by Janet Ming, who was previously head of corporate sales for RBS China based in Shanghai. She has more than 15 years of experience in the region and has worked on both the corporate and banking side of the bank’s business.
“Few Chinese banks have the network or capabilities to serve their clients who wish to expand internationally,” said Ming. “Research tells us that Chinese corporates are more comfortable if there is dedicated coverage in their destination market.”
Commenting on the new desk, which follows on from the establishment of a London-based India desk earlier this year, Scott Barton, co-chief executive of international banking, RBS, said: “The launch of our China desk creates a hub in London to help our clients in Europe take advantage of the growth opportunities in one of the world’s most robust economies. It also opens up our global network of 36 countries to our Chinese clients. As China becomes the largest trade partner to the EU, we are pleased to be able to leverage our strong network to help our Chinese clients further expand their businesses into the EU.”
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