On her way to a restaurant near Jianguo Men, Bai Li was handed a
leaflet introducing the Dutch bank ABN AMRO.
And in recent days, she received phone calls from the staff
members of foreign banks HSBC and Citibank.
Bai, who works for a foreign cosmetics company, also found that
several foreign banks have set up promotional booths near her
office complex.
As the time for foreign banks' entry into the renminbi retail
business draws near, they have increased efforts to attract new
clients. It is expected that the first group of foreign banks may
offer renminbi services to Chinese consumers in May or even
earlier.
The China Banking Regulatory Commission gave the nod in December to
nine foreign banks to start their preparatory work for local
incorporation in China. It will take three to six months to receive
an operating license.
"We have made marketing plans to prepare for the future renminbi
business," said Eva Chow, China's head of corporate communications
of Standard Chartered Bank.
An important aspect is maintaining existing customers and making
them renminbi business clients when allowed, she said, while at the
same time attracting new clients through various channels.
"We are also developing new products and expanding outlets as
part of the preparation efforts," she said.
A few days ago, the Bank of East Asia launched its first
renminbi investment product, which was seldom offered previously by
overseas banks due to limited subscription volume.
"The launch of this product will widen the bank's product
portfolio, as well as to pave the way for future renminbi
business," the bank said. "Its strategic importance is more than
simple sales results."
In addition to direct marketing measures, foreign banks are
spending more on brand image promotion.
HSBC launched a branding program this week in the Beijing
Capital International Airport.
Under the program, the HSBC brand will be carried on the exterior
of 47 airbridges at the airport, making it obvious to
travelers.
The bank uses the medium of airbridges to support its branding
in many countries and cities around the world.
(China Daily January 20, 2007)