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Source: Channel News Asia, 26 October 2011
The Bank of China has signed a multi-billion dollar agreement with the Singapore Chinese Chamber of Commerce and Industry (SCCCI) to give companies access to loans in China. It's a landmark deal that could give Singapore companies a bigger edge into the Chinese market.
For the next three years, the Bank of China has agreed to supply a credit line of up to 30 billion renminbi to help members of the Singapore Chinese Chamber of Commerce and Industry invest in China or other parts of the world. Under the agreement, both sides also agree to link up companies from China and Singapore, and develop co operations in renminbi offshore products and services. This could just bring Singapore one step closer to becoming the next offshore trading hub for the renminbi. And it comes just after Chinese authorities announced that a third renminbi clearing bank will be set up in Singapore, after Hong Kong and Macau.
Source: The Wall Street Journal, 02 November 2011
DBS Group Holdings Ltd. posted a better-than-expected 6% rise in third-quarter net profit Wednesday as trade finance continued to drive the bank's loan growth. DBS Chief Executive Piyush Gupta said that while global macroeconomic headwinds are strengthening, the bank, Southeast Asia's largest by assets, remains well-equipped to handle a slowdown in regional growth.
The result contrasts with a more lackluster performance by rival United Overseas Bank Ltd., which posted a worse-than-expected 24% drop in third-quarter earnings after market hours Wednesday as declines in trading and investment income more than offset a modest rise in the bank's net interest earnings. DBS said net profit for the three months ended Sept. 30 was 762 million Singapore dollars (US$597.9 million), up from S$722 million a year earlier.
Source: The Economic Times, 03 November 2011
Standard Chartered Bank's income from Indian operations has seen a further slowdown, said the bank in its interim management statement for the third quarter of 2011, released on Wednesday. In such challenging times, the bank is expected to see a change of guard. In an internal announcement, bank employees have been informed that Sunil Kaushal, head of Standard Chartered Bank's operations in Taiwan, will head the bank's India operations, said a source in the know of the development.
India, which was the largest contributor to the Standard Chartered Group's profits in the first half of 2011, had slipped to the third position. Profitability from the bank's Indian operations has been under strain, following the tough macroeconomic environment, slippages of deals, increased competition and regulatory changes.
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