Chinese Authorities Grant Derivatives and Renminbi Licences to KBC
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.