Hong Kong Citi's Global Transaction Services has entered into a Renminbi (RMB) remittance distribution agreement with Bank of China Limited. By partnering with Bank of China's New York branch, Citi can now offer clients RMB cross-border funds transfers to China.
Under the deal, Citi will expand its remittance capability to its clients by offering RMB cross-border funds transfers for the first time. The link with Bank of China will open up the global remittance space into China for Citi, which had previously been limited to U.S. dollar-denominated transactions.
Bank of China will benefit by providing Citi and its broad client base the ability to initiate RMB remittances to China. Bank of China will attract remittance flows to its China-based branches catering to client demands for enhanced remittance services.
Dianne Challenor, Managing Director, Regional Head of Payments, Receivables and Information Services, Asia Pacific, Citi, said, "China's share of global remittances will continue to grow, and clients are turning to their local banks to cater their increasingly international requirements. By partnering with Citi, Bank of China has demonstrated a long-term commitment to future remittance flows of its clients."
Akash Rathke, Managing Director, Regional Head of Bank Services and Public Sector Group, Asia Pacific, Citi, said, "This alliance marks a major breakthrough for Citi's global remittance offering and is a demonstration of our strategy to ally with preferred partners in the cross-border payment space to be able to bring market leading solutions that best serve the interest of both remitters and the beneficiaries. We are confident that through this partnership, we will further deepen our long-term relationship with Bank of China."
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