HSBC Wins Custodian Mandate for Swiss RQFII

HSBC has become the first custodian bank in China to service the Renminbi Qualified Foreign Institutional Investor (RQFII) programme for Swiss Reinsurance Company (Swiss Re).

HSBC will provide local custodian services to Swiss Re, which obtained regulatory approval to be the first Swiss RQFII in China. The RQFII scheme has been developed to allow foreign investors to access the nation’s onshore securities market.

This significant development demonstrates China’s commitment to opening up its capital markets to overseas investors. As Swiss Reinsurance Company’s onshore custodian bank in China, HSBC facilitated its application for the RQFII Swiss licence.

“Gaining access to the Chinese financial markets as they grow in significance has become vital for global long-term investors,” says Guido Fürer, chief investment officer at Swiss Re.

“The RQFII programme will further complement Swiss Re’s liability matching investment capabilities. This is an important step in Swiss Re’s business aspirations under our high growth market strategy.”