The Chinese banking regulator has granted Swedbank a local currency licence. The move will allow Swedbank to provide corporate clients renminbi services including cash management, lending and deposits, FX and derivatives products.
Swedbanks Shanghai branch, established in 2007, previously held a foreign currency licence. Chinese law states that any foreign affiliate must be profitable for two years before a local currency licence can be issued.
Handelsbanken became the first Nordic bank in China to receive a licence to pursue banking operations in the Chinese currency in 2008.