Standard Chartered signs RMB Cross Border Trade Settlement Account Agreements

Five MENA banks to open RMB accounts in China

September 29, 2010 - Standard Chartered announced today that it has signed Renminbi (RMB) Cross Border Trade Settlement Account Agreements with five MENA based banks. The move will allow these banks to open RMB accounts in China and facilitate trade activities between these banks and China. The five banks are: Alinma Bank Saudi Arabia, Bank Al Falah Pakistan, BankMed Lebanon, Habib Metropolitan Bank Pakistan and Union Bank Jordan. The agreements were signed at the "Annual Thought Leadership Middle East and North Africa (MENA) Bankers Conference 2010" which is taking place in Beirut, Lebanon.

Leading the RMB Cross Border Trade Settlement Programme in the MENA Region, Standard Chartered Bank has been extending the benefits of RMB services to several banks in the Region. By opening their RMB accounts, leading banks such as Alinma Bank Saudi Arabia, Bank Al Falah Pakistan, BankMed Lebanon, Habib Metropolitan Bank Pakistan and Union Bank Jordan are strategically prepared to settle their customers' RMB invoices.

Commenting on the agreements, Farooq Siddiqi, Regional Head of Transaction Banking MENA, Standard Chartered Bank, said: "There are many opportunities presented to banks in the Region as their corporate clients can request settlement of invoices in RMB. As the trade volume between China and the MENA region continues to grow significantly year on year, we feel that banks in the region should be prepared to meet the increasing RMB requirements of their corporate clients."

Standard Chartered Bank has been leading the way in RMB Cross Border Trade Settlement Programme since China issued the initial guidelines for the Programme with Hong Kong, Macau and ASEAN countries in July 2009. After the launch, Standard Chartered Bank (Hong Kong) Limited became the first foreign bank to complete a two-way trade settlement with China in July 2009. Shortly after, in August 2009, Standard Chartered Bank (China) Limited became the first foreign bank appointed as the Agent and Settlement Bank for RMB cross border settlement. In addition, since the elucidation circular by Hong Kong Monetary Authority in February 2010, Standard Chartered Bank (Hong Kong) Limited became the first bank to facilitate a domestic RMB trade settlement transaction and to issue the first RMB denominated bond in August 2010 for a foreign multinational corporate - McDonald's.

For further information, please contact:

Ramy Lawand
Manager, Corporate Affairs
Tel: 009714 508 2564
Mobile: 00971 56 675 9894
E-mail: Ramy.Lawand@sc.com

Note to editors:

Standard Chartered - leading the way in Asia, Africa and the Middle East

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