Citibank Taiwan Promotes RMB Financial Products

With robust renminbi (RMB) deposits held by Taiwanese in the local banks, Citibank Taiwan plans to introduce more RMB-based financial products and is reportedly to offer exchange traded funds (ETF) soon.

An executive of Citibank Taiwan says that the bank will promote ETF on the island as Taiwan's financial authority is going to allow such products in the second half of this year, with CitiBank already offering RMB bonds, overseas funds and investment-oriented insurance policies.

The executive discloses that around 70% of the bank's overseas Taiwanese clients tend to entrust the bank's offshore banking unit to handle wealth management. Other foreign banks in Taiwan, like Standard Chartered Bank, Hongkong and Shanghai Banking Corp., and Australia and New Zealand Banking Group, are also quite interested in the wealth management sector and intend to offer more financial products to attract clients. (JL)