OREANDA-NEWS. April 12, 2012. SB Bank launches a new service – settlements in Chinese currency CNY (RMB) – the service that has yet to find its way into the Russian banking market. The newly introduced service is marketed to meet the needs of business entities. The Bank’s customers may now enjoy the opportunity of effecting transactions in RMB in favour of their Chinese partners. The new settlement alternative will relieve Russian companies of a double-conversion burden and enable them to effect payments as quickly as possible and at a minimum cost.

The introduction of the new service was facilitated by establishing an RMB-denominated correspondent account with Standard Chartered Bank (China) which ranks 51st worldwide in terms of the asset size and operates 1700 branches in 70 countries. Standard Chartered was among forerunners to be authorised for RMB international settlements. For SB Bank the RMB account is an opportunity to promote the cooperation between the Bank’s customers with Chinese companies and entrench its position in the Chinese banking market.

The option of RMB settlements allows the Bank to make a step forward towards enlarging and diversifying its product line. At present SB Bank provides a full range of banking services in international settlements in all major world currencies through a well-developed network of correspondent banks such as Deutsche Bank AG, Commerzbank AG, Credit Suisse, Raiffeisen Bank International and others.