MANILA, Philippines - EastWest Bank said all of its branches will start offering a full range of Renminbi (RMB)-denominated products on August 8.
"We are pleased to be the first local bank to make available a full suite of Renminbi products to the Philippine market. What will ultimately set these products apart are the advantages that these give to our clients. For example, our RMB savings and time deposit have very attractive interest rates," said EastWest EVP & Head of Retail Banking and Operations Cluster Gerry Susmerano.
Among the products offered are RMB savings account, time deposit, loans, remittance and trade financing.
This comes after EastWest Bank recently entered into an agreement with Bank of China-Manila Branch.
"Bank of China is pleased to partner with EastWest Bank for its RMB products and services, bringing to the partnership the strength and breadth of our reach within China, the ASEAN region and global presence," said Deng Jun, Bank of China Manila Branch President and Country Head.
Bank of China is considered the top RMB bank in the world in terms of cross-border settlement, products and services.
"These RMB products will be made available in all our branches nationwide, catering to more individuals and businesses who save, trade and invest in the Chinese currency," Susmerano said.
EastWest currently has more than 330 unibank branches nationwide.
To address the financing needs of institutional clients who are engaged in international trading, EastWest is offering trade finance with letters of credit where clients may choose the currency of settlement. To further enhance the product, EastWest can also provide forward RMB rates for hedging against foreign currency risk. Clients may also avail of loans in RMB and remittance services.
"We can help facilitate transactions between local and Chinese companies through trade financing. This financial solution will help customers take advantage of the many business opportunities offered by China while reducing costs and risks," said EastWest SVP & Corporate Banking Group Head Ernest Uy.